What does this mean?


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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
 
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Fidget

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

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