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Can deferred tax assets and deferred tax liabilities exist on one balance sheet at the same time?
Is it not either an asset or a liability due to the fact that it cancels each other out?
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- TaxGuruLv 41 decade agoFavorite Answer
You can have multiple deferred tax items, some of which may be assets and some of which may be liabilities. Ultimately, there will be only one item on the consolidated balance sheet, which will be either an asset or a liability.
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