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deferred income tax |
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Deferred Income Tax A liability that results from income already earned, is recognized for accounting but not tax purposes purposes, and is recorded on the balance sheet. Notes: In other words, the income has been realized, but the tax on that income hasn't.
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| Financial statements will recognize current and deferred income tax assets and liabilities. In connection with the restructuring, the Company utilized a deferred income tax asset for a state net operating loss carryforward for income realized at a subsidiary level on the cancellation of intercompany indebtedness. The reason for this reporting difference is that in the fourth quarter of 2005, the Company recorded deferred income tax assets to reflect its expected future use of net operating loss carry forwards. |
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