A Corporation Can't Have an Increase in Deferred Tax Assets

question 37

True/False

A corporation can't have an increase in deferred tax assets and an increase in deferred tax liabilities in the same year.

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Definitions:

Consolidated Financial Statements

Financial statements of a group in which the assets, liabilities, equity, income, expenses, and cash flows of the parent company and its subsidiaries are presented as those of a single economic entity.

Held For Sale

A designation for assets or groups of assets and liabilities that a company intends to sell within one year from the date of classification.

Fair Value

An estimate of the market value of an asset or liability, based on current prices in an active market or derived from a model if no direct market price is available.