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Linestone Company had a deferred tax asset in 2021. The deferred tax asset is due...

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Accounting

Linestone Company had a deferred tax asset in 2021. The deferred tax asset is due to a temporary difference that originated before 2021, but will only reverse after 2021. On the last day of 2021 a new tax law was enacted. Increasing the tax rate in future years(2022 and on) the tax rate for 2021 was not changed in the new legislation. The effect to the new tax law on the taxable for 2021 will be

not enough information to determine the direction of the change

increase

decrease

no change

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