In Its 2018 Annual Report to Shareholders, Black Inc

question 116

Essay

In its 2018 annual report to shareholders, Black Inc. disclosed the following information about income taxes.

A reconciliation of income taxes computed at the United States federal statutory income tax rate (35%) to the provision (benefit) for income taxes reflected in the Consolidated Statement of Operations for the years ended December 31, 2018, 2017, and 2016 is as follows ($ in millions):

The significant components of the net deferred tax assets at December 31, 2018 and 2017 were as follows ($ in millions):

-Why are the depreciation and patent amortization listed as deferred tax liabilities?

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Definitions:

Missionary Selling

A sales technique where the seller promotes their product by educating the customer on its benefits, often without directly pushing for a sale.

Intangible Products

Products that are not physical in nature, such as software, entertainment, or services, offering value through non-physical means.

Insurance

Contract by which the insurer for a fee agrees to reimburse the insured a sum of money if a loss occurs.