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  1. business
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  3. no deferred tax asset was recognized in the year 1

No deferred tax asset was recognized in the Year 1 financial statements by the Chaise...

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Accounting

No deferred tax asset was recognized in the Year 1 financial statements by the Chaise Company when a loss from
discontinued segments was carried forward for tax purposes. Chaise had no temporary differences. The tax benefit of the
loss carried forward reduced current taxes payable on Year 2 continuing operations.
The Year 2 financial statements would include the tax benefit from the loss brought forward in
Owners' equity.
Income from continuing operations.
Cumulative effect of accounting changes.
Gain or loss from discontinued segments.
THE ANSWER IS NOT GAIN OR LOSS FROM DISCONTINUED SEGMENTS
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