Explain the deferred tax amount


Gammell, Inc. reported net income of $40,000 for 2009. The income tax return excluded an expense item of $3,000 because under the tax laws the $3,000 would not be reported for tax purposes until 2010. Assuming a 35% income tax rate, this situation would cause a 2009 deferred tax amount?

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Accounting Basics: Explain the deferred tax amount
Reference No:- TGS0681213

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