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Deferred Tax Asset
Will lead to future deductible amounts
Deferred Tax Liability
Will lead to future taxable amounts
DTL
Unrealized gain from recording investments at fair value (taxable when asset is sold)
DTL
Installment sale of property (installment method for taxes)
DTA
Rent collected in advance
DTA
Subscriptions colled in advance
DTA
Other revenue collected in advance
DTA
Estimated expenses and losses (tax-deductible when paid)
DTA
Unrealized loss from recording investments at fair value or inventory at LCM (tax-dedcutible when asset is sold)
DTL
Accelerated depreciation on the tax return in excess of straight-line depreciation in the income statement
DTL
Prepaid expenses (tax-deductible when paid)
Neither DTA or DTL
Interest received from investments in bonds issued by state and municipal governments
Neither DTA or DTL
Investment expenses incurred to obtain tax-exempt income
Neither DTA or DTL
Life insurance proceeds on the death of an insured executive
Neither DTA or DTL
Premiums paid for life insurance policies when the pay is the beneficiary
Neither DTA or DTL
Compensation expense pertaining to some employee stock option plans
Neither DTA or DTL
Fines and penalties due to violations of the law
Neither DTA or DTL
Difference in tax paid on foreign income permanently reinvested in the foreign country and the amount that would have been paid if taxed at U.S. rates.
Neither DTA or DTL
Portion of dividends received from U.S. corporations that is not taxable due to the dividends received deduction
Neither DTA or DTL
Tax deduction for depletion of natural resources (percentage depletion) that is allowed in excess of an already full-depleted asset's cost.
Permanent differences
The difference is irreversible. Does not give rise to DTA or DTL's. caused by events that are under current law, never affect taxable income or taxes payable.
DTA
Net operating loss carryforward
DTA
Research and development costs reported in the income statement but elected to be capitalized and amortized over five years for tax purposes.
DTA
Organization costs reported in the income statement but amortized and deducted over five years for tax purposes.
Neither DTA or DTL
The nondeductible portion of travel and entertainment expenses