Defered tax asset in the form 1120

We are C corporation and file Form 1120. We have a deferred tax asset in the books due to tax losses. Where do we need to complete a deferred tax asset to reconcile Schedule L? Is there another part of the form where we need to indicate it?

268

Level 15

Jun 23, 2021 2:08:20 AM

are you using GAAP? if not you don't have a deferred tax asset. if you are you create a deferred tax asset by having a negative income tax expense.

Level 2

Jun 23, 2021 3:07:45 AM

Yes, I'm using GAAP and I have already create a deferred tax asset in the books. But where it should be shown in Form 1120?

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Defered tax asset in the form 1120