#S Answers (4). A corporation records a $7,000 unrealized gain due to an increase in...
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#S Answers (4). A corporation records a $7,000 unrealized gain due to an increase in the value of its short-term Investments (FV-NI) at December 31, 2020. Unrealized gains on investments are not taxable for tax purposes until the investment is actually sold. At December 31, 2020, Is this a temporary difference or a permanent difference? Is this gain an example of a deferred tax asset or a deferred tax liability? Type of Difference Deferred Tax A. Temporary Asset B. Permanent Liability c. Temporary Liability D. Permanent Asset
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