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Deferred tax assets and deferred tax liabilities will result from differences between the tax basis of an asset or liability and its reported amount in the carve-out financial statements. This will depend on which assets and liabilities have been attributed to the carve-out financial statements and the preparation of the tax provision, which is discussed in CO 5.8. Unless the carve-out entity is a tax paying entity, an income tax receivable/payable to the government is typically not reflected in the carve-out balance sheet because the carve-out entity is not the legal obligor.
See TX 14.8 for a discussion of how to prepare the carve-out tax provision and how to account for intercompany tax sharing arrangements.
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