【求助】请教Notes财务分析部分Income tax的两题

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<p>12题目：The firm has a deferred tax liability that results from accelerated depreciation for tax purpose, The firm is expected to continue to grow in the foreseeable future. How should the liability be treated for analyst purpose?</p><p>答案：It should be treated as equity as its full value. 公司continue to grow说明liability reverse的可能性很大，应该是作为liability，为什么答案是作为equity？</p><p>13题目：The firm has a deferred tax liability and is expected to have capital expenditures decline in the future. How should the liability be treated for analyst purpose?</p><p>答案：The present value should be treated as a liability with the remainder being treated as equity. 不理解capital expenditures 如何对Tax的Equity和Liability的选择影响的。</p><p>还请达人指教！</p>

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关键词：Income notes note 财务分析 Come 财务 notes Income tax 财务分析软件 财务分析指标 财务分析案例 上市公司财务分析 财务分析方法 公司财务分析报告

<p>my two cents:</p><p></p><p>Deferred tax is also kind of&nbsp;cash flow for the company operations. If the company keep growing, it means the capital spending would grow too(not good case from investor perspective). The deferred tax would therefore rise all along. So, you take this as euqity(means to grow assets). However, if the capital spending declines, the increasing defered tax will diminish as well. So you need treat it as liablity. </p>