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      Question

      Which one of the following is a deferred tax

      asset?
      A Taxable temporary difference Correct Answer Incorrect Answer
      B Deductible temporary difference Correct Answer Incorrect Answer
      C Preference shares issued at premium Correct Answer Incorrect Answer
      D Goodwill amortisation (for tax) Correct Answer Incorrect Answer
      E Increase in authorised share capital Correct Answer Incorrect Answer

      Solution

      Deferred tax asset arises from deductible temporary differences (taxable income lower now, higher later) or carryforwards.

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