By M. Van Hoepen
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Extra info for Anticipated and Deferred Corporate Income Tax in Companies’ Financial Statements
Example text
Tax rate: t. Gross income before tax and depreciation: Yper year (both for tax and publication purposes). These assumptions give the following picture: Yr Depr. for tax purposes Depr. for publ. purposes Taxable income Book income before tax 1 2 3 [(n+2)A]/3n 2A/3n 2A/3n A/n A/n A/n Y - [(n+2)A]/3n Y - (2A/3n) Y - (2A/3n) Y - A/n Y - A/n Y - A/n n 2A/3n A --x-- A/n Y - (2A/3n) . n·Y - A Y - Aln n·Y - A T 20 DIFFERENCES BETWEEN BOOK AND TAXABLE INCOME Yr Tax payable 1 2 3 t . [Y - {(n+2)A}/3n] t .
Moore, pages 133 and 134 respectively. 19. Moore, pages 135-137. The column 'book value of the asset, end-of·year' is mine. For ease of reference this example, although not mine, is numbered consecutively. 48 NET-Of-TAX METHOD Years 3 4 5 Cost of asset Depr. factor* Tax depr. Tax reduction from depr. ** Bookvalue of the asset for tax purp. end-ot-year $ 450,000 $ 450,000 $ 450,000 3/15 2115 1115 $ 90,000 $ 60,000 $ 30,000 $ 36,000 $ 24,000 $ 12,000 $ 90,000 $ 30,000 $ 0 • Sum-of-the-years'-digits method •• Tax rate 40% • If no liability for deferred taxes is taken into account, Moore gets the following picture: Years 1 2 3 4 5 Years 1 2 3 4 5 Income: Cash flow before taxes Income: Taxes (current) $ $ $ $ $ $ $ $ $ $ 250,000 250,000 250,000 250,000 250,000 40,000 52,000 64,000 76,000 88,000 Income: Cash flow after taxes $ $ $ $ $ 210,000 198,000 186,000 174,000 162,000 Book depreciation Net income Bookvalue of the.
Diff. rev. pos. tim. diff. rev. pos. tim. diff. diff. 29,000 (1,000) (1,000) (1,000) 2. bonus distribution to staff: year expense for tax purp. book expense difference type of the difference* * tax eff. of the diff. 1 2 3 4 6,200 6,900 7,400 7,600 0 0 0 0 6,200 6,900 7,400 7,600 pos. diff. pos. diff. pos. diff. pos. diff. 3,100 3,450 3,700 3,800 30 METHODS FOR CALCULATION 3. loss carry-forward***: year taxable income taxable income after carry-forw. difference type of the difference ** tax eff.