deferred income tax liability
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The deferred income tax liability:
a. Represents income tax payments that are deferred until future years because of temporary
differences between GAAP rules and tax accounting rules.
b. Is a contingent liability.
c. Can result in a deferred income tax asset.
d. Is never recorded.
e. Is recorded whether or not the difference between taxable income and financial accounting
income is permanent or temporary.
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