What is FASB Codification 740-10-25-6? ( predecessor standard SFAS 109). How the temporary differences between tax and book
1) what is FASB Codification 740-10-25-6? ( predecessor standard SFAS 109). How the temporary differences between tax and book income are reported. Discuss with suitable examples. You will find a document in the Files section with the FASB logins.
2) what is deferred tax liability and what is deferred tax asset. Provide examples and hypothetical numbers to support your answer. As a clue the Straight line depreciation charged in the books is $3,000 and the MACRS depreciation charged for tax purpose is $,4000. The excess depreciation of $1,000 charged for tax purpose results in a deferred tax liability. If the future year's tax rate is 30% the deferred tax liability is $1,000*.3=$300 Do you have any other examples?
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