What is qualifying assets for depreciation in taxation/accounting? Also, how are useful lives and section 179 expense used?

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Q: what was sandhill's gross profit for july?

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A:

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.