【導(dǎo)讀】16-1. Stice|Stice|Skousen. IneTaxes. 16-2. stockholders,creditors,andothers. revenue.16-3. corporations’putedine:. subsequentyears.16-4. 16-5. revenuesof$30,000.Ibanezhasno. $10,000in2020and$20,000in2020.Theinetaxrateis40%anditis. foreseeablefuture.TaxLiability. 16-6. IneTaxExpense12,000. IneTaxesPayable4,000. $30,000×.40. $10,000×.40. $20,000×.40$4,000currentyear. +$8,000deferred. TaxLiability. 16-7. IbanezCompany. IneStatement. Revenues$30,000. Inetaxexpense:. Current$4,000. Deferred8,00012,000. Netine$18,000. TaxLiability. 16-8. weremadein2020,butGupta. Assumea40%taxrate.TaxLiability. 16-9. IneTaxExpense20,000. DeferredTaxAsset4,000. IneTaxesPayable24,000. $50,000×.40. $10,000×.40. $60,000×.40$24,000currentyear–。$4,000deferred. TaxLiability. 16-10. GuptaCompany. IneStatement. Revenues$60,000. Warrantyexpense10,000. Inebeforetaxes$50,000. Inetaxexpense:. Current$24,000. Deferredbenefit(4,000)20,000. Netine$30,000. TaxLiability. 16-11. Nontaxablerevenue—proceedsfrom. insurancepolicies;interestreceivedon. municipalbonds. Differences. 16-12. Differences. periods.UsingACRSfortaxpu

　　

【正文】 loss of $35,000. Year Ine (Loss) Tax Rate Ine Tax 2020 $(19,000) 30% $0 2020 (35,000) 30% 0 The only loss remaining against which operating ine can be applied is $5,000 from 2020. This leaves $30,000 to be carried forward from 2020 as a future tax benefit of $9,000 ($30,000 .30). (continues) 1649 Accounting for NOL Carryforward Ine Tax Refund Receivable 1,500 Deferred Tax Asset—NOL Carryforward 9,000 Ine Tax Benefit from NOL Carryback 1,500 Ine Tax Benefit from NOL Carryforward 9,000 The journal entry for 2020 to record the tax benefits: Current asset if expected to be realized in 2020 (continues) 1650 Journal Entry in 2020: Ine Tax Expense 15,000 Ine Taxes Payable 6,000 Deferred Tax Asset—NOL Carryforward 9,000 The firm reports a taxable ine of $50,000 in 2020. The tax carryforward allows management to deduct the carryforward from the $15,000 tax ($50,000 .30) that would be due without the carryforward. Accounting for NOL Carryforward (continues) 1651 ? If, however, it is more likely than not that some portion or all of the deferred tax asset will not be realized, a valuation allowance account is needed. ? To illustrate, assume that Prairie Company’s management believes that losses will continue in the future and the tax benefit will not be realized. As a result, management believes it is more likely than not that none of the asset will be realized. Accounting for NOL Carryforward (continues) 1652 Ine Tax Refund Receivable 1,500 Deferred Tax Asset—NOL Carryforward 9,000 Ine Tax Benefit from NOL Carryback 1,500 Allowance to Reduce Deferred Tax Asset to Realizable Value— NOL Carryforward 9,000 Accounting for NOL Carryforward The journal entry to record the carryback and carryforward would be as follows: 1653 Scheduling for Enacted Future Tax Rates ? Proper recognition of deferred tax assets and liabilities is required when future tax rates are expected to differ from current tax rates. ? The firm must determine the temporary differences that will reverse. ? Statement No. 109 eliminates much of the need for scheduling through the “morelikelythannot” criterion for future ine. 1654 Financial Statement Presentation and Disclosure The ine statement must show, either in the body of the statement or in a note, the following ponents of ine taxes related to continuing operations. 1. Current tax expense or benefit 2. Deferred tax expense or benefit 3. Investment tax credits 4. Government grants recognized as tax reductions (continues) 1655 5. Benefits of operating loss carryforwards 6. Adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of an enterprise 7. Adjustments in beginningoftheyear valuation allowance because of a change in circumstances Financial Statement Presentation and Disclosure 1656 International Accounting for Deferred Taxes ? Nodeferral approach―Using this approach, the differences are ignored. Ine tax expense equal to the amount of tax payable for the year is reported. ? Comprehensive recognition approach―Deferred taxes are included in the putation of ine tax expense and reported on the balance sheet. (continues) 1657 International Accounting for Deferred Taxes ? Partial recognition approach―A deferred tax liability is recorded only to the extent that the deferred taxes are actually expected to be paid in the future.