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Course Content / Introduction / Module 10 REQUIRED HOMEWORK & Module 10 REQUIRED HOMEWORK Analyzing and Interpreting Income Tax Footnote The following is an excerpt from Walmart's 2019 Form 10-K A summary of the provision for income taxes is as follows (\$ millions): Current: U.S. federal \$2,763 U.S. state and local 493 International 1,495 Total current tax provision 4,751 Deferred: U.S. federal (361) U.S. state and local (16) International (93) Total deferred tax expense (benefit) \$(470) a. What amount of income tax expense does Walmart report in its income statement for 2019? \$ million b. How much of Walmart's income tax expense was determined from the company's tax returns? \$ million c. How did deferred taxes affect Walmart's tax expense for the year? ObDeferred taxes increased Walmart's income tax provision for the year. ObDeferred taxes decreased Walmart's income tax provision for the year. ObDeferred taxes did not affect Walmart's income tax provision for the year.
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Course Content / Introduction / Module 10 REQUIRED HOMEWORK & Module 10 REQUIRED HOMEWORK Analyzing and Interpreting Income Tax Footnote The following is an excerpt from Walmart's 2019 Form 10-K A summary of the provision for income taxes is as follows (\$ millions): Current: U.S. federal U.S. state and local International Total current tax provision \$2,763 493 1,495 4,751 Deferred: U.S. federal U.S. state and local International Total deferred tax expense (benefit) (361) (16) (93) \$(470) a. What amount of income tax expense does Walmart report in its income statement for 2019? \$ million b. How much of Walmart's income tax expense was determined from the company's tax returns? \$ million c. How did deferred taxes affect Walmart's tax expense for the year? ObDeferred taxes increased Walmart's income tax provision for the year. ObDeferred taxes decreased Walmart's income tax provision for the year. ObDeferred taxes did not affect Walmart's income tax provision for the year.