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Deferred Income Tax |
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Deferred Income Tax On a balance sheet, a tax that a company will owe on its income, but that has not yet been assessed. Because of differences between tax regulations and the Generally Accepted Accounting Principles, income may be recognized on a balance sheet for accounting purposes, but not for tax purposes. However, that income will eventually be recognized for tax purposes and income tax will then be assessed. This tax is called deferred income tax, and is recorded as a liability on the balance sheet. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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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