SemGroup also had an $1 million adjustment related to a deferred tax expense
that's the result of lower corporate tax rates.
The automaker also incurred a deferred tax expense
of Rs 185 crore, more than four times the amount it spent last year.
dollar compared to the Canadian dollar and a $6 million deferred tax expense
on undistributed foreign earnings.
The company said the increase in earnings is primarily due to reduced income tax expense in the fiscal 2016 quarter relative to the year ago period, due to the timing of recording deferred tax expense
in the prior year.
GAAP Year 1 Year 2 Year 3 Deferred tax assets $ 400 (a) $ 400 (b) $ (800) Additional paid-in capital $ - $ - $ (1,600) Deferred tax income $ 400 (a) $ 400 (b) $ - Deferred tax expense
$ - $ - $ 2,400 (c) Current taxes payable $ 2,400 Deferred tax expense
$ (2,400) (a.
Likewise, the company will record a current benefit without the corresponding deferred tax expense
from credit utilization.
Thus we consider that the company's result will reflect the expense with the current income tax as well as the deferred tax expense
, which will result in the provision of financial statements as close as possible to reality.
times 35%) and an increase to deferred tax expense
of $7 million.
The aggregate amount of current and deferred tax expense
for each income statement presented;
The Separate Return Method is the Preferred Method Paragraph 40 of FAS 109 requires that the current and deferred tax expense
for a group that files a consolidated return be allocated among the group members when those members issue separate financial statements.
This alternative results in no current payment of taxes to the government on overstated earnings but will cause the firm to recognize additional deferred tax expense
and a corresponding additional amount of deferred tax liability.
Because no valuation allowance was established, and the deferred tax asset is related to the ESO deduction, the credit is to Additional Paid- In Capital rather than to deferred tax expense