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Business, 19.01.2021 23:50 Tyson1191

Differences between pretax accounting income and taxable income were as follows during 2021: ($ in millions) Pretax accounting income $ 300 Permanent difference (24 ) 276 Temporary difference (16 ) Taxable income $ 260 The cumulative temporary difference as of the end of 2021 is $40 million (also the future taxable amount). The enacted tax rate is 25%. What is the deferred tax asset or liability to be reported in the balance sheet?

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