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This excerpt taken from the CVS 10-K filed Feb 27, 2007. Income taxes ~ The Company provides for
federal and state income taxes currently payable, as well as for those deferred
because of timing differences between reported income and expenses for
financial statement purposes versus tax purposes. Federal and state incentive
tax credits are recorded as a reduction of income taxes. Deferred tax assets
and liabilities are recognized for the future tax consequences attributable to
differences between the carrying amount of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. Deferred tax
assets and liabilities are measured using the enacted tax rates expected to
apply to taxable income in the years in which those temporary differences are
expected to be recoverable or settled. The effect of a change in tax rates is
recognized as income or expense in the period of the change.
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