Which of the following definitions used in accounting for income taxes is least accur
A.Income tax expense is based on current period pretax income adjusted for any changes in deferred tax assets and liabilities.
B.A valuation allowance is a reserve against deferred tax assets based on the likelihood that those assets will not be realized.
C.A deferred tax liability is created when tax expense is less than taxes payable and the difference is expected to reverse in future years.