Business, 18.03.2021 01:30 twinkie7078

Exoil recorded an expense and corresponding liability to recognize potential losses relating to an oil spill in 2006 of $10 million. Its net income for the year was $200 million. It was not able to take a deduction for tax purposes until later years when it actually paid cash out in relation to this event. In 2006, with respect to this, Exoil would have: a. recognized a deferred tax liability. b. recognized a deferred tax asset. c. recognized a deferred equity loss. d. recognized a tax loss carryforward.

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Exoil recorded an expense and corresponding liability to recognize potential losses relating to an o...