If the current tax expense is greater than the total income tax expense during the period, there must be a deferred tax benefit.

Can you explain the difference between a deferred tax asset, a tax receivable, and a prepaid tax account?

In a regressive tax system, as taxable income increases, the effective tax rate decreases ◻ True False

True or false. A favorable temporary tax - book difference is so named because it causes taxable income to decrease relative to book income in the current year.

In almost all cases, making contributions to an RRSP will provide the deferral of income tax. In some cases, making such contributions may result in avoidance of tax. Explain these statements.

1. cont... Listed below are items that are commonly accounted for differently for financial reporting purposes than they are for tax purposes.For each item below, indicate whether it involves: 1.   A temporary difference that will result in future deductible amounts and, therefore, will usually give rise to a deferred income tax asset. 2.   A temporary difference that will result in future taxable amounts and, therefore, will usually give rise to a deferred income tax liability. 3.   A permanent difference.   (e)                                                                 Installment sales of investments are accounted for by the accrual method for financial reporting purposes and the installment method for tax purposes. (f)                                                                 For some assets, straight-line depreciation is used for both financial reporting purposes and tax purposes, but the assets’ lives are shorter for tax purposes. (g)…

Deferred taxes result from different methods applied for taxable income and income for financial reporting purposes. True or false ?

Recognition of tax benefits in the loss year due to a NOL carry back involves:

Explain what the benifit is to having tax classified under statutory income. Aside from capital gains discounts that are applied, if you receive income that is classified under staturory income, what are the benifits over it being classified as ordinary income. provide an example.

If the increase in deferred tax asset is ____ than the increase in deferred tax liability, there is _____. higher ; net deferred tax expense lower ; current tax expense lower ; current tax benefit higher ; net deferred tax benefit