What book-tax differences in year 1 and year 2 associated with its capital gailis dil in the following alternative scenarios? Identify each book-tax difference as favorable or unfavorable and as permanent or temporary. Note: Leave no answer blank. Enter zero if applicable and select "Not applicable" if no effect. Problem 05-42 Part c (Static) c. Capital gains Capital losses Year 1 50 25,000 Year 2 $ 50,000 30,000 Book-lax Difference Favorable or Unfavorable Temporary or Permanent Year 1 Year 2

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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.