Business, 12.02.2022 16:50 hflores0001
Early this year, ZeZe Incorporated paid a $52,000 legal fee in connection with a dispute over ZeZe’s title to investment land. ZeZe’s auditors required the corporation to expense the payment on this year’s financial statements. According to ZeZe’s tax adviser, the payment is a nondeductible capital expenditure. ZeZe’s tax rate is 21 percent. Required: Compute the deferred tax asset or a deferred tax liability (identify which) resulting from this difference in accounting treatment. When will the temporary difference reverse?
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