Discuss about the valuation allowance

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Reference no: EM132218474

Question: Valuation Allowance

Tomorrow Publication $115 million, and $105 million, respectively. The 2016 income statement does not include $20 million of magazine subscriptions received that year for one- and two-year subscriptions. The subscription revenue is reported for tax purposes in 2016. The revenue will be recognized i s reported pretax accounting income in 2016, 2017, and 2018 of $80 million, n 2017 ($15 million) and 5 million). The income tax rate is 40% each year. Management determines that it's more likely 2018 ($ than not that $3 million of the deferred tax asset ultimately will not be realized at the end of 2016.

Reference no: EM132218474

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