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Future Income Tax |
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Future Income Tax Income tax that is deferred because of discrepancies between a company's tax return and the tax calculated on the company's financial statements. Future income tax occurs when there is a greater amount of deductions on taxable income than on the net income that is calculated on a company's income statement. Notes: In simple terms future income tax is an adjustment accounting for the difference between what the company has already paid in taxes on the current income and what they will have to pay in the future for this income. This difference occurs because companies are taxed by government in a different way than from the way they calculate tax on their accounting records. |
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? Mentioned in | ? References in periodicals archive | |
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| An expense of $36,000 to the Company's future income tax benefit, for income taxes which would otherwise have been payable, was recorded during the fourth quarter, compared to a gain of $37,000 in 2004. 27 per share (diluted) of future income tax assets, related to the tax benefit of existing tax shields that the Company expects to use to offset earnings in the foreseeable future, compared to CDN $3. For both the fourth quarter of 2005 and 2004, the Company recorded income tax recoveries, which reflected reductions to the Company's valuation allowance for future income tax benefits of $4. |
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Future Income Tax
