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Deferred Taxes: 1. What are timing differences and how do they impact deferred taxes? 2. What is a deferred Tax Asset? 3. What is a deferred Tax

Deferred Taxes:


1.    What are timing differences and how do they impact deferred taxes?

2.    What is a deferred Tax Asset?

3.    What is a deferred Tax Liability?

4.    What is a tax loss carryforward? For how many years can you carry this amount back? For how many years can you carry this forward?

5.    What is a valuation account? When would one be applicable to deferred taxes?

6.    A company is using the Straight-Line method of depreciation for Financial Statement purposes and the Accelerated method for IRS purposes. Over the life of the asset, which method will result in MORE total depreciation?

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