Assume no additional temporary differences occur and that each year following 20x4 pretax accounting income is $12,000. Schedule the tax consequences and record them for 20x5 - 20x7.

Q: Define special purpose entity (SPE)

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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.