Assume Congress reduces the corporate tax rate from 35 percent to 25 percent effective in 2016. The tax rate change will affect only deferred tax assets and liabilities that arise in 2016 and thereafter.
A corporation must adjust its existing deferred tax accounts as well.

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The Answer of Assume Congress reduces the corporate tax rate from 35 percent to 25 percent effective in 2016. The tax rate change will affect only deferred tax assets and liabilities that arise in 2016 and thereafter.
A corporation must adjust its existing deferred tax accounts as well.

Assume Congress Reduces the Corporate Tax Rate from 35 Percent