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Deductible temporary differences exist when:
(1) Revenue is reported on the tax return now, but recorded on the books in a later year or
(2) Expenses are recorded on the books now, but are reported as deductions on the tax return in a later year.
Examples:
(1) Revenues collected in advance are reported on the tax return now but are recorded in the books when earned
(2) Contingent expenses and losses which are probable and can be reasonably estimated (i.e. warranties) are recorded in the books now but not deductible for tax purposes until paid in the future.
(3) Unrealized losses on trading securities are included in current earnings for financial reporting, but are not deductible for tax purposes until sold.
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