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state the tax base of each of the following liabilities and any resulting temporary difference.
a) current liabilities include accrued expenses with a carrying amount of $1000. the related expenses will be deducted for tax purposes on a cash basis.
b) current liabilities include interest revenue recieved in advance with a carrying amount of $10000 the related interest revenue was taxed on a cash basis
c) current liabilities include accrued expenses with a carrying amount of $2000 the related expenses has already been deducted for tax purposes
d) current liabilities include accrued fines and penalties with a carrying amount of $100 fines and penalties are not deductible for tax purposes
e) a loan payable has a carrying amount of $1m. the repayment of the loan will have no tax consequences
could you please explain this question and its explaination
Firstly, if you want to ask a question directly from the tutor, kindly post it in Ask the Tutor Forum.
Secondly, this is an example from BPP study text where they have provided answers, why are you posting the question here? Kindly ask whatever it is in the answer that you don’t understand.