Examples of Temporary Differences in a sentence
We also recorded a deferred credit of approximately $122 million in accordance with EITF Issue 98-11, “Accounting for Acquired Temporary Differences in Certain Purchase Transactions That Are Not Accounted for as Business Combinations.” This deferred credit will reduce income tax expense when the deferred tax asset is realized.
Future Reversals of Existing Taxable Temporary Differences The Company does not have net taxable temporary differences that are expected to reverse and result in taxable income in the future.
Under EITF 98-11, Accounting for Acquired Temporary Differences in Certain Purchase Transactions That Are Not Accounted for as Business Combinations, a deferred tax asset equal to the future tax deductions to be realized should be established to reflect the economic substance behind the transaction, with the tax benefit to be recognized directly in income during the year.
ING Life Insurance and Annuity Company and Subsidiaries(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)Notes to Consolidated Financial Statements (Dollar amounts in millions, unless otherwise stated) Temporary Differences The tax effects of temporary differences that give rise to Deferred tax assets and Deferred tax liabilities at December 31, 2011 and 2010, are presented below.
However, under US GAAP, a deferred income tax liability is recognised in accordance with EITF 98-11 “Accounting for Acquired Temporary Differences in Certain Purchase Transactions that are not Accounted for as Business Combinations”.
Because the amount we paid for the limited partnerships units exceeded their tax basis the guidance in EITF Issue No. 98-11, “Accounting for Acquired Temporary Differences in Certain Transactions That Are Not Accounted for as Business Combinations” required us to recognize a deferred tax liability for this difference.
Simulated Common Equity Tier I with Fully Loaded Basel III Rules(5) Includes deductions of Goodwill, Intangible Assets (before and after October/13), Tax Credits from Temporary Differences and Tax Loss, Pension Fund Assets, Equity Investments in Financial Institutions, Insurance and similar companies.
A reconciliation of income taxes at statutory rates with the reported taxes is as follows: 2015 Loss for the period $ (21,151) Expected income tax recovery $ (5,000) Change in unrecognized deductible temporary differences 5,000 Total income tax expense $ - Expiry Date 2015 Range Temporary Differences Non-capital losses available for future period $ 21,000 No expiry date Tax attributes are subject to review, and potential adjustment, by tax authorities.
ING USA Annuity and Life Insurance Company(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)Notes to Financial Statements(Dollar amounts in millions, unless otherwise stated) Temporary Differences The tax effects of temporary differences that give rise to Deferred tax assets and Deferred tax liabilities at December 31, 2011 and 2010, are presented below.