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Starwood Capital Group is a private investment firm headquartered in Miami, Florida. In 20X3, Starwood...

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Accounting

Starwood Capital Group is a private investment firm headquartered in Miami, Florida. In 20X3, Starwood Capital Group collected rent revenue in advance for 20X4 rental occupancy by its tenants. For its financial statements, the rent is recorded as deferred revenue and then recognized as revenue in the timeframe tenants occupy rental property. For Starwood Capital Group's tax return, the rent is taxed when collected in 20X3. The deferred portion of the rent collected in 20X3 was $70 million. Taxable income is $280 million in 20X3. Zero temporary differences existed at the beginning of the year, and the tax rate is 25%.

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