At December 31, 2020, Novak Company had a net deferred tax liability of $445,000. An explanation of the items that compose this balance is as follows. Temporary Differences in Deferred Taxes Resulting Balances 1. Excess of tax depreciation over book depreciation. $ 188,000 2. Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2021. The loss will be deducted on the tax return when paid. 2$ (55,000 ) 3. Accrual method used for book purposes and installment method used for tax purposes for an isolated installment sale of an investment. $ 312,000 In analyzing the temporary differences, you find that $32,000 of the depreciation temporary difference will reverse in 2021, and $122,000 of the temporary difference due to the installment sale will reverse in 2021. The tax rate for all years is 40%. Indicate the manner in which deferred taxes should be presented on Novak Company's December 31, 2020, statement of financial position.

If certain conditions are met, which of the following properties could be classified as section 1231 property? A. Stock. B. Inventory. C. Accounts Receivable. D. Computer. E. None of the above.

Why does the Section 404 is perhaps the most controversial provision of SOX?

What is a promissory note, and what are some terms that arenormally included in promissory notes?

10. Theoretically, unearned items (deferred revenues) should not be classified as a. deferred creditsb. contra to certain assetsc. long-term liabilitiesd. current liabilities

True (t) or False (f) _____ Contingent liabilities should be recorded in the accounts if there is a remote possibility that the contingency will actually occur)

Which of the following statements is correct? A. The receipt of boot in a § 1031 like-kind exchange can result in the recognition of gain B. The receipt of boot in a § 1031 like-kind exchange cannot result in the recognition of loss C. The giving of boot in a § 1031 like-kind exchange can result in the recognition of gain D. Only A, and B E.A, B, and C   Please without plagiarism please

Explain the items not allowed to be deducted

What are §1031 like-kind exchanges? And, what are qualifying assets? Please provide some examples.

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