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:

Partnership

A formal business structure where multiple individuals are involved in managing the enterprise and also share the profits.

Assets

Resources a business owns.

Partnership

A legal and business relationship between two or more individuals who join together to conduct a business. Each partner contributes resources and shares the profits and losses.

Jointly Owned

Assets, properties, or businesses owned by two or more parties, sharing rights and responsibilities.