Fill in the blanks by dragging the correct options provided below In order to ju

Question

Fill in the blanks by dragging the correct options provided below In order to justify the anticipated recovery of a deductible temporary difference against existing taxable differences, the following conditions must be met: .The taxable differences must relate to the same and the same taxable entity; and The taxable differences must be expected to reverse either in the same period as the reverses, or in a period into which any arising from the reversal of the deferred tax asset can be carried forward or back Answer A transaction tax authority originating taxable differences consolidated group Answer B deductible temporary difference taxable temporary difference deferred tax asset deferred tax liability Answer C tax loss unrealized tax loss tax credit unrecognized tax loss Submit

Explanation / Answer

A)Tax authority-The entity claiming difference and tax authorty must be same

B)Deferred tax asset-since it is anticipated recovery which means tax is paid more than expense

C)Tax loss -in case of year of loss ,deferred tax asset is created

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