Reference no: EM132789811

Problem 1: When there is an excess of fair value over cost relative to an identifiable asset,

Select one:

a. no amortization of a deferred tax liability is necessary?

b. ?this excess does not create deferred tax liability that needs to be recorded.

c. ?the recording of a deferred tax liability is necessary for the amount of the tax rate times the excess.

d. ?the recording of a deferred tax liability is required for the excess.