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How would this change in tax rate impact net deferred tax

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Question - In 2017, Kerry Corp's financial statement showed accrued losses on disposal of unused plant facilities of $3,600,000. The facilities were sold in December 2018 and a $3,600,000 loss was recognized for tax purposes then. Also in 2018, Kerry Corp's paid $150,000 for a two-year life insurance policy for their CEO Kerry, and the company was the beneficiary. Assuming that the enacted tax rate is 35% in both 2017 and 2018.

Trump enacted the tax cut and job act in 2018 and effectively changed the corporate tax rate to 21%, For Kerry's quarterly financial statement March 2018, how would this change in tax rate impact Kerry's net deferred income taxes?

Reference no: EM132781586

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