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Chapter 18: Income Taxes (Cambridge)

Horizontales
NOL _____: deductions or credits that cannot be used in current year but may be carried forward to reduce taxable income in future year(s).
_____ tax rate is income tax expense as a percentage of pretax GAAP income.
A contra-asset account that reduces some or all of a DTA that will not be realized.
Future tax obligations.
_____ tax rate is the legally imposed tax rate of a jurisdiction.
Abbreviation for negative taxable income that leads to creation of a DTA.
Tax position requiring “more likely than not” probability of being sustained in order to record potential tax benefit.
Verticales
A company schedule that shows differences between U.S. statutory tax rate and the effective tax rate.
NOL _____: deductions or credits that cannot be used in current year but may be carried back to reduce taxable income in prior year(s).
Type of difference between taxable income and pretax GAAP income recognizing revenues/expenses in various reporting periods.
Income tax _____: total tax (current and future) incurred from current year events.
Future tax benefits.
Type of difference between taxable income and pretax GAAP income that will never reverse.