Answered: The threshold for cutback of itemized…

The threshold for cutback of itemized deductions (the phaseout) still applies currently under the Tax Cuts and Jobs Act of 2017.? True or False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The threshold for cutback of itemized deductions (the phaseout) still applies currently under the Tax Cuts and Jobs Act of 2017.? True or False

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The Tax Cut and Jobs Act of 2017 reduced the US corporate tax rate from a maximum 35% to a flat rate of 21%. As a result, companies were required to "revalue" their deferred tax assets and liabilities to reflect the new tax rates. In general, a firm with a substantial pool of US Federal NOL Carryforwards reported in the deferred tax asset section (the DTA for NOLS) experienced a: O No impact on deferred tax assets or liabilities because the cash tax value of an NOL carryforward does not depend on the statutory tax rate Reduction in the book value of the DTA for NOLS with the offset an increase in tax expense O Increase in market value reflecting the reduced value of the NOL tax shields Increase the book value of the DTA for NOLS with the offset a decrease in tax expense
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