{"id":4244,"date":"2019-03-07T07:42:20","date_gmt":"2019-03-07T07:42:20","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=4244"},"modified":"2026-01-26T07:49:42","modified_gmt":"2026-01-26T07:49:42","slug":"tax-base-assets-liabilities","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/tax-base-assets-liabilities\/","title":{"rendered":"Tax Base of a Company&#8217;s Assets and Liabilities"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Income Taxes (2024\/2025 Level I CFA\u00ae Exam \u2013 Financial Reporting and Analysis \u2013 Module 9)\",\n  \"description\": \"This lesson covers Income Taxes for the 2024\/2025 CFA\u00ae Level I Financial Reporting and Analysis curriculum. It explains the differences between accounting profit and taxable income, defines deferred tax assets and liabilities, valuation allowances, taxes payable, and income tax expense, and shows how deferred taxes are created and analyzed. The video walks through calculating tax bases, income tax expense, deferred tax balances, and adjustments from tax rate changes, evaluates the impact of tax rate changes on financial statements and ratios, contrasts temporary and permanent differences, explains recognition and measurement of current and deferred taxes, analyzes tax disclosures and effective tax rate reconciliation, and compares IFRS and US GAAP treatment, with exam-focused explanations throughout.\",\n  \"uploadDate\": \"2022-04-27T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/ZdGeNqOn7iA\/default.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/ZdGeNqOn7iA\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/ZdGeNqOn7iA\",\n  \"duration\": \"PT36M15S\"\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": [{\n      \"@type\": \"Question\",\n      \"name\": \"Which of the following statements is the least accurate?\",\n      \"text\": \"Which of the following statements is the least accurate?\\n\\nA. If the economic benefit of an asset is not taxable, its tax base will be less than its carrying amount.\\nB. The tax base of a liability is the carrying amount of the liability less any amounts that will be deductible for tax purposes in the future.\\nC. The tax base of an asset is the amount that will be deductible for tax purposes as an expense in the calculation of taxable income as the company expenses the tax basis of the asset.\",\n      \"answerCount\": 3,\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"The correct answer is A.\\n\\nIf the economic benefit of an asset is not taxable, its tax base will be equal to, not less than, its carrying amount.\\n\\nOptions B and C are correct statements.\"\n      }\n    }\n  ]\n}\n<\/script>\n\n\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/ZdGeNqOn7iA\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>An asset\u2019s tax base is the amount that will be deductible for tax purposes in future periods once the economic benefits of the asset have been realized and a company can recover its carrying amount. If the economic benefit will not be taxable, the asset\u2019s tax base will be equal to its carrying amount.<\/p>\n<p>A liability\u2019s tax base is the carrying amount of the liability less any amounts that will be deductible in the future for tax purposes. Whenever revenue is received in advance, the tax base of this liability is the carrying amount less any amount of the revenue that will not be taxable in the future.<\/p>\n<h2><strong>Calculation of the Tax Base for an Asset<\/strong><\/h2>\n<p>Calculation of an asset\u2019s tax base is best demonstrated through an example.<\/p>\n<p>Assume that the pieces of information below relate to a company.<\/p>\n<ul>\n<li>Dividends receivable \u2013 Dividends receivable of $100,000 are reported on the company\u2019s balance sheet. Dividends, however, are not taxable.<\/li>\n<li>Development costs \u2013 Development costs of $2 million are capitalized during the year, with $400,000 of this amount being amortized during the year. For tax purposes, amortization of 25% is allowed.<\/li>\n<li>Research costs \u2013 Research costs of $400,000 are incurred, and are all expensed in the current fiscal year for financial reporting purposes. Tax legislation however requires research costs to be expensed over a 4-year period rather than all in one year.<\/li>\n<li>Accounts receivable \u2013 Accounts receivable of $1,100,000 is reported, net of a provision of $100,000 for doubtful debt. The tax legislation allows a deduction of 25% of the gross amount of accounts receivable for doubtful debt.<\/li>\n<\/ul>\n<p>The tax base for each of these assets is determined as follows:<\/p>\n<p><strong>Dividends Receivable:<\/strong><\/p>\n<p>carrying amount = tax base = $100,000; and<\/p>\n<p>dividends are not taxable, therefore carrying amount = tax base.<\/p>\n<p><strong>Development Costs:<\/strong><\/p>\n<p>carrying amount = $2,000,000 &#8211; $400,000 = $1,600,000;<\/p>\n<p>development costs are assumed to generate future economic benefits; and<\/p>\n<p>the amortization allowed by tax legislation &gt; amortization accounted for based on accounting rules. Therefore, carrying amount &gt; tax base.<\/p>\n<p><strong>Research Costs:<\/strong><\/p>\n<p>carrying amount = $0 since the full amount is expensed for financial reporting purposes;<\/p>\n<p>tax base = ($400,000 &#8211; $400,000\/4) = $300,000;<\/p>\n<p>research costs are assumed to generate future economic benefits; and<\/p>\n<p>Tax base &gt; carrying amount<\/p>\n<p><strong>Accounts Receivable:<\/strong><\/p>\n<p>based on the existing tax legislation, a greater amount of provision is allowed in the current fiscal year than would be the case under accounting principles; and therefore<\/p>\n<p>tax base &lt; carrying amount.<\/p>\n<p><strong style=\"color: revert; font-size: revert;\">Calculation of the Tax Base for a Liability<\/strong><\/p>\n<p>Calculation of a liability\u2019s tax base is also best demonstrated through an example:<\/p>\n<p>Assume that the information given below relates to a company.<\/p>\n<ul>\n<li>Donations &#8211; Donations of $40,000 were made in the current fiscal year. Whereas the donations were expensed for financial reporting purposes, they are not tax-deductible based on the applicable tax legislation.<\/li>\n<li>Interest received in advance \u2013 Interest of $25,000 was received in advance. This interest is taxed because the applicable tax legislation recognizes that the interest accrues to the company (part of taxable income) on the date of receipt.<\/li>\n<li>Rent received in advance \u2013 $3.5 million is recognized for rent received in advance from a lessee for a rental office&nbsp; space. Rent received in advance will be deferred for accounting purposes but will be taxed on a cash basis.<\/li>\n<li>Loan \u2013 A long-term loan of $750,000 was obtained during the current fiscal year. Interest is charged at 11.5% per annum and is payable at the end of each fiscal year.<\/li>\n<\/ul>\n<p>The tax base for each of these liabilities is determined as illustrated below.<\/p>\n<p><strong>Donations:<\/strong><\/p>\n<p>carrying amount = tax base = $0; and<\/p>\n<p>the donation of $40,000 was immediately expensed. Therefore, the carrying amount is $0. Also, since tax legislation does not allow donations to be deducted for tax purposes, tax base = carrying amount.<\/p>\n<p><strong>Interest Received:<\/strong><\/p>\n<p>carrying amount = $25,000;<\/p>\n<p>tax base = $25,000 &#8211; $25,000 = $0; and<\/p>\n<p>since the full amount of interest received is included in taxable income in the current fiscal year, the tax base is $25,000 &#8211; $25,000 = $0.<\/p>\n<p><strong>Rent Received:<\/strong><\/p>\n<p>carrying amount = $3,500,000;<\/p>\n<p>tax base = $3,500,000- $3,500,000= $0; and<\/p>\n<p>since the full amount of interest received is included in taxable income in the current fiscal year, the tax base is $3,500,000 &#8211; $3,500,000 = $0.<\/p>\n<p><strong>Loan:<\/strong><\/p>\n<p>carrying amount of loan capital = tax base = $750,000;<\/p>\n<p>tax base of Interest on loan = $0; and<\/p>\n<p>loan repayment has no tax implications. Interest paid is included in the calculation of taxable income as well as accounting income.<\/p>\n<blockquote>\n<h3><strong>Question<\/strong><\/h3>\n<p>Which of the following statements is the <em>least<\/em> accurate?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">If the economic benefit of an asset is not taxable, its tax base will be less than its carrying amount.<\/li>\n<li data-tadv-p=\"keep\">The tax base of a liability is the carrying amount of the liability less any amounts that will be deductible for tax purposes in the future.<\/li>\n<li data-tadv-p=\"keep\">The tax base of an asset is the amount that will be deductible for tax purposes as an expense in the calculation of taxable income as the company expenses the tax basis of the asset.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>A<\/strong>.<\/p>\n<p>If the economic benefit of an asset is not taxable, its tax base will be equal to, not less than, its carrying amount.<\/p>\n<p>Options B and C are correct statements.<\/p>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>An asset\u2019s tax base is the amount that will be deductible for tax purposes in future periods once the economic benefits of the asset have been realized and a company can recover its carrying amount. If the economic benefit will&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4244","post","type-post","status-publish","format-standard","hentry","category-financial-reporting-and-analysis","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax Base of Assets &amp; Liabilities | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Tax base refers to the value of assets or liabilities for tax purposes, differing from carrying amounts. 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