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Homestake Mining Company Homestake Mining Company is a 120-year-old international gold mining company with substantial gold mining operations and exploration in the United States, Canada, and Australia. At year-end, Homestake reported the following items related to income taxes (thousands of dollars). $ 26,349 (39436 S(13,087) $303,050 95,275 $207,775 Total current taxes Total deferred taxes Total income and mining taxes (the provision for taxes per its income statement) d tax liabilities Deferred tax assets, net of valuation allowance of $207,175 Net deferred tax liability Note 6: The classification of deferred tax assets and liabilities is based on the related asset or liability creating the deferred tax. Deferred taxes not related to a specific asset or liability are classified based on the estimated period of reversal. Tax loss carryforwards (U.S., Canada, Australia, and Chile) Tax credit carryforwards $71,151 $12,007 What is the significance of Homestake's disclosure of "Current taxes" of $26,349 and "Deferred taxes" of $(39,436)? Explain the concept behind Homestake's disclosure of gross deferred tax liabilities (future taxable amounts) and gross deferred tax assets (future deductible amounts). Homestake reported tax loss carryforwards of $71,151 and tax credit carryforwards of $12,007. How do the carryback and carryforward provisions affect the reporting of deferred tax assets and deferred tax liabilities

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