Moody Corporation Recorded the Following Deferred Tax Assets and Liabilities

question 93

Essay

Moody Corporation recorded the following deferred tax assets and liabilities: $\begin{array} { l r } \text { Current deferred tax assets }&\mathbf { \$ 5 0 0 , 0 0 0 }\\\text { Current deferred tax liabilities } & \mathbf { 6 0 0 , 0 0 0 ) } \\ \text { Non-current deferred tax assets } & 8 0 0 , 0 0 0 \\ \text { Non-current deferred tax liabilities } & ( \underline { \mathbf { 2 } , 000,000 } ) \\ \text { Net deferred tax liabilities } & \mathbf { \$( \underline { 1 , 3 0 0 , 0 0 0 } ) } \end{array}$ All of the deferred tax accounts relate to temporary differences that result from the company's U.S. operations. Moody wants to minimize the number of deferred tax accounts it reports on the balance sheet. What is the minimum number of deferred tax accounts Moody can report on its balance sheet and what are the names and dollar amounts in each account?

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Definitions:

Unfair Conduct

Actions or practices that are deceptive, misleading, or unethical in a business context, often regulated by consumer protection laws.

Per Se Approach

A legal principle where certain conduct is considered inherently illegal without needing to prove its harm to competition.

Rule of Reason Analysis

A legal doctrine used in antitrust law to determine if a business practice is anticompetitive, considering the practice's purpose, effects, and justifications.

2004 Amendments

Refers to specific changes or additions made to legislation or regulations in the year 2004.