What can we infer about a firm's taxable income from its financial statements?(Forum on Public Disclosure of Corporate Tax Returns)

From: National Tax Journal | Date: December 1, 2003| Author: Hanlon, Michelle | Copyright information

In this paper I review and describe the income tax disclosures currently required in firms' financial statements. I discuss many of the problems with trying to estimate a firm's actual tax liabilities and taxable income from the income tax expense and disclosures to the financial statements. In doing so, I reveal the conditions under which taxable income may most accurately be estimated from financial statements as well as those conditions which make this task difficult, if not impossible. ...

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