Google Analysis Case Study

Access the financial statements and related disclosure notes of Google Inc. from its website at investor.google.com. In Google’s balance sheet, deferred income taxes in 2010 are reported as both a current asset ($259 million) and a noncurrent asset ($265 million) but none among liabilities.Required:1) Explain why deferred income taxes can be reported as both an asset and a liability. Is that the case for Google in 2010?2) Note 15 in the disclosure notes indicates that deferred tax assets are $1,221 million in 2010 and deferred tax liabilities are $405 million. How can that be explained in light of the two amounts reported in the balance sheet?3) Does Google feel the need to record a valuation allowance for its deferred tax assets?

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