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Income taxes allocation
Intraperiod：income taxes allocate to different lines of F/S，but in same year
Interperiod：income taxes allocate to different year.
Interperiod allocation prequel
Federal Tax purpose Income（TI）
Financial accounting Income（FI）
Normally TI≠FI
TI–FI=Difference
Difference=Permanent Diff+Temporary Diff
Temporary Diff CAUSE interperiod allocation.
Income taxes mainly allocate to Income Statement.
Income taxes may allocate to OCI and/or stockholder‘s equity.
Income taxes allocate to Continuing Operation is present separately.（in row）
Income taxes allocate to other items are net with those line.（in parenthesis）
Where does income tax go in intraperiod？
I/S+OCI+Equity
I/S=IDEA
OCI=PUFER
Equity=R.E+AOCI+……（5+1）
A.Objective
Q：Why need allocate income tax interperiod？
A：Matching
B. Difference
TI–FI=Difference
Difference=Permanent Diff+Temporary Diff
Permanent difference affect Current/ NOT Deferred
Temporary difference affect Deferred/NOT Current
C. Comprehensive Allocation
Temporary difference feature：TURN AROUND
Interperiod tax allocation is applied to all temporary differences
In F/S recognize DTL/DTA for temporary difference
Liability Method（Balance Sheet Approach）
D. Accounting for Interperiod Tax Allocation
Total Income tax expense=Current + Change in Deferred
Current= Current income tax payable on the corporate tax return（Form 1120）
Change in Deferred=End DTA/DTL-Beg DTA/DTL
For Permanent Difference
Affect only income per books or taxable income，but NOT both.
NEVER Turn around/Reverse
Only impact “Current” taxes
No Deferred Taxes
Examples：Municipal bond interest.
For Temporary Difference
Affect both income per books or taxable income.
Will Turn around/Reverse
Only impact“Deferred” taxes
No Current Taxes effect
B.Deferred Tax Liabilities and Assets RECOGNITION.
B1.Deferred Tax Liabilities （DTL）
DTL arise/RECONGNIZE when the amount of taxes paid in the current period LESS than the amount of income tax expense in the current period.
The 1st and 4th quadrant
B2. Deferred Tax Assets（DTA）
DTA arise/RECOGNIZE when the amount of taxes paid in the current period EXCEEDS the amount of income tax expense in the current period.
The 2nd and 3rd quadrant
B3.Valuation Allowance（Subsequent measurement）
MLTN：More Likely Than Not，greater than 50%
If it is MLTN that part or all of the deferred DTA will not be realized，a valuation allowance is recognized.
C.Uncertain Tax Positions
Firms often include an uncertain deduction or other favorable position in their tax return.
If the position is MLTN to be accepted or sustained upon audit，then income tax expense may be reduced for some or all of the benefit.
C1.Scope of Uncertain Tax Positions
A tax deduction
A decision to not file a tax return
An allocation or shift of income between jurisdictions
A decision to exclude reporting taxable income，in a tax return
A decision to classify transaction etc. as tax exempt.
C2.Two-step Approach
Step 1–Recognition of the Tax Benefit
If MLTN test failed，then NOT recognize tax benefit，and the F/S tax Expense is increased.
Step II–Measurement of the Tax Benefit
Recognize the largest amount of the tax benefit that MLTN of being realized upon ultimate settlement with the taxing authority.
D.Enacted Tax Rate
Measurement of deferred taxes is based on the applicable tax rate.
Use the tax rate in effect when temporary difference reverses itself.
E.Treatment of and Adjustment for changes
Changes are recognized in the period of change（enactment）（prospective）
F.Net Temporary Adjustment
Deferred Income Tax expense/benefit=Ending balance of DTL/DTA-Beginning balance of DTL/DTA
G.Balance Sheet Presentation
Rule1.Deferred tax items should be classified based on the classification of the related asset or liability for the financial reporting.（血统论）
Rule2.Deferred tax items not related to an asset or liability should be classified based on the expected reversal date of the temporary difference.（NOL）
Rule3.Current DTL net with current DTA；non-current DTL net with non-current DTA.（门阀制）
Rule4.Valuation allowance allocated pro rata
Net Operating loss carry back 2 years or forward twenty years.
A.Tax carryback create a tax benefit，and should be recognized in the period they occur.
B.If an operating loss is carried forward，the tax effects are recognized to the extent that the benefit is MLTN to be realized.
Valuation allowance may be necessary.
Dividend received deduction based on upon the percentage of ownership
0-19%，70% exclusion
20-80%，80% exclusion
Over 80%，100% exclusion
Temporary Diff=Undistributed Earnings X（1- DRD%）
A.Balance Sheet Disclosures
The components of a net DTL/DTA
The net change during the year in the total valuation allowance.
B.Income Statement Disclosures.
The amount of income tax expenses（or benefit）allocated to continuing operations and the amount separately allocated to other items must be deisclosed.
Current tax expense or benefit
Deferred tax expense or benefit
……
Benefit of NOL carryforwards.
…。
A.Method
Asset and liability approach–balance sheet approach
B.Difference
Permanent
Temporary
DTL
DTA
Valuation Allowance
C.Measurement
Use applicable enacted tax rates
Classifiction
Balance Sheet Related
Classify according to the related asset or liability causing the temporary difference
Non-balance Sheet Related
Classify based upon the expected reversal or benefit period.
Netting/Offseting
Current（asset and liability）must be netted.
Noncurrent（asset and liability）must be netted.
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