What is the proper term for depreciation methods used for tax purposes?  Provide the acronym and the full name. What was the term for the method used before the current method?

Q: What is the depreciation method that is used for tax accounting purposes? How is it different than…

A: Accelerated depreciation method:

Q: What are the Gain Taxes on Asset Disposals?

A: When a asset is disposed, if the value realised on such disposal is more than the carrying amount of…

Q: Using the straight-line method of depreciation for reporting purposes and accelerateddepreciation…

A: To offset the amount of a deferred tax asset , valuation allowance is used.  A deferred tax asset is…

Q: Briefly describe the tax depreciation system under MACRS.

A: MACRS is an abbreviation of the Modified Accelerated Cost Recovery System.  The present U.S. tax…

Q: Present a mathematical solution in order to express that how depreciation can effect tax liability…

A: There are different types of Depreciation method. They are: 1) Straight Line Method 2) Declining…

Q: Describe the depreciation procedures used in income taxation

A: The question deals with the depreciation procedures used in income taxation.

Q: When is a receivable recognized for property tax assessments? When is the revenue recognized?

A: Property tax assessment is the process of evaluating the property for tax purposes. Then an…

Q: Discuss the Depreciation method for tax purposes?

A: Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: What is a valuation allowance for deferred tax assets?  Provide two reasons why the valuation…

A: An accounting concept known as a deferred tax asset (DTA) is used in financial reporting to indicate…

Q: Describe the techniques of depreciation available to individuals under the income tax code.

A: Tax depreciation alludes to a company's depreciation costs that are deductible by the IRS. This…

Q: How can we determine the annual depreciation for tax purposes?

A: Depreciation Depreciation refers to a constant reduction in the cost of an asset. There are two ways…

Q: Given the frequently changing nature of depreciation and tax law,what must we use?

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: What is the difference between a future taxable amount and a future deductible amount? When is it…

A:

Q: Describe the procedure to incorporate the tax effects of gains (or losses) whenever an asset is…

A: Asset are considered to be capital items as they are held for more than a year and provide economic…

Q: Briefly explain how tax loss carryback and carryforward procedureswork.

A: Loss carryback is a situation in which business is having operating loss in this year and it want to…

Q: Which depreciation method is most common for financial reporting? Which depreciation method is most…

A:

Q: What are the benefits of calculating depreciation differently for financial reports and for tax…

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: what are the main objectives of the deferred tax asset approach?

A: Items on a company's balance sheet that may be used to reduce taxable income in the future are…

Q: How to calculate the answer of Tax Allowable depreciation?

A: Depreciation is the deduction in the value of the asset which leads to deduction in the tax as it is…

Q: Describe the method of Accounting for Depreciation and Income Taxes?

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: How does the tax depreciation methods generally permit a higher depreciation than the book…

A: Book Depreciation: Book Depreciation means the amortization expense amount which are recorded in…

Q: How, and why, does the depreciation reported for tax purposes differ from that reported in the…

A: Depreciation is the amount to be written off periodically to charge the decline in value of a fixed…

Q: Describe when and how a valuation allowance is recorded for deferred tax assets.

A: Deferred tax asset: When Income Tax Expense account is more than the Income Tax Payable account,…