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Essay: Accounting for Income Taxes
Inter-period tax allocation is necessary because there are differences in the timing of revenues and expenses between a corporation's financial statement and its federal income tax returns.
To implement inter-period income tax allocation, an accountant must be able to distinguish between permanent and temporary differences. The following is a list of three differences between a corporation's pretax financial income and taxable income:
Required:
1. Identify the two goals and four basic principles of accounting for income taxes.
2. Explain the difference between inter-period and intra-period income tax allocation.
3. Define (a) permanent difference and (b) temporary difference.
4. Briefly explain inter-period income tax allocation under GAAP. List the four groups of items that result in temporary differences (not the individual items).
5. Indicate and explain whether each of the five differences listed in this case should be treated as a temporary or permanent difference and as a deferred tax asset or a deferred tax liability.
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