What does this mean?

[bobAnInvestorNJ]

I recently saw the following line as a balance sheet entry in a 10-K:
Deferred and refundable income taxes 110.7
I saw this entry as a current asset. I do not understand what this means. I thought deferred taxes was a liability. Therefore I do not understand what it means?

Bob

 

[Fidget]

It can be an asset if the asset it relates to is on the books at less than its tax base.