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Calculating Total Deferred Tax Adjustment Amount Quiz

12 Questions

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Calculating Total Deferred Tax Adjustment Amount Quiz

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Questions and Answers

What is the Total Deferred Tax Adjustment Amount based on?

The entity's taxable income

The entity's deferred tax expense (correct)

The entity's gross income

The entity's net income

What are the adjustments for the Total Deferred Tax Adjustment Amount based on?

Maximum Rate and uncovered taxes

Minimum Rate and uncovered taxes

Maximum Rate and covered taxes

Minimum Rate and covered taxes (correct)

Where are the guidelines for the Total Deferred Tax Adjustment Amount outlined?

Articles 2 and 3

Articles 3 and 4

Articles 1 and 2

Articles 4 and 5 (correct)

What is the assumed income of the company in the revaluation example?

$100 Signup and view all the answers

What is the book life of the machine in the revaluation example?

5 years Signup and view all the answers

What percentage is used for the revaluation in the given example?

15% Signup and view all the answers

What is the temporary difference between in the given context?

Between US GAAP and GloBE ETR Signup and view all the answers

What is the value of the machine in the revaluation example?

$100 Signup and view all the answers

Which of the following is assumed to be subject to immediate expense in the revaluation example?

Machine Signup and view all the answers

What does the 15% revaluation example assume about the company's income and assets?

The company has $100 of income and a $100 machine Signup and view all the answers

What is the book life of the machine assumed in the 15% revaluation example?

5 years Signup and view all the answers

What is the temporary difference between in this context?

The difference between US GAAP and GloBE ETR Signup and view all the answers