An Example of a Deferred Tax Asset Is the Excess

question 41

True/False

An example of a deferred tax asset is the excess of accelerated MACRS depreciation over GAAP straight-line depreciation.

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Definitions:

Recognized

Generally refers to the acceptance or acknowledgment of something as valid, legal, or official.

Substantial

Of considerable importance, size, or worth; significant enough to merit attention.

Assignee

is an individual or entity to whom rights or interests have been transferred by another party.

Timely Fashion

Completing tasks or obligations within a designated or reasonable time frame.