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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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