What causes deferred income taxes, Accounting Basics

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What causes deferred income taxes

Response to the following questions:

1. When and how does a company record the amount owed to the government for income taxes for a given year?

2. What causes deferred income taxes?

3. What is the difference between a "contingent liability" and a "liability"?

If possible, please give examples to better understand your answers.

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Accounting Basics: What causes deferred income taxes

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Accounting Basics: What causes deferred income taxes

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