Question

define the future tax???​

Answer 1

Answer:

Future Income taxes are income taxes deferred by discrepancies between, for example, net income reported on a tax return and net income reported on financial statements. ... This difference creates a future income tax liability or benefits for financial reporting purposes.

Explanation:

Future taxable amounts increase taxable income and result in deferred tax liabilities for financial reporting purposes; future deductible amounts decrease taxable income and result in deferred tax assets for financial reporting purposes.

Answer 2

Answer:

A future income tax asset is recognized when the amount of a payment related to a component of an instrument classified as a liability in accordance with Section 3856, Financial Instruments, results in a refund of income taxes previously paid.