A property that produces an annual NOI of $249,000 was purchased for $3,800,000. Debt service for the year was $191,538 (interest $158,845 & principal $32,693). Annual depreciation is $77,949. Assuming nam capital improvements (capex), what is the taxable income? Ch11 a. O b. OC. O d. $12,206 $90,155 $57,462 $171,051

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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.