Examlex
Match each definition to the corresponding term.
-Individualized Family Service Plan (IFSP)
Deferred Tax Assets
These are financial items on a company’s balance sheet representing taxes paid or carried forward but not yet recognized in the income statement.
Deferred Tax Liabilities
Future tax obligations that arise due to temporary differences between a company's taxable income and its accounting earnings.
Book Income Tax Expense
The accounting expense associated with income taxes payable, calculated based on the book income.
Valuation Allowance
A reserve created to account for future tax benefits which may not be realized due to insufficient future taxable income.
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