A corporation has taxable income of $450,000, and its financial records reflect the following for the year. • Federal income taxes paid $165,000 • Net operating loss carryforward deducted currently 105,000 • Fines and penalties 66,000

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.