The phrase "provision for income taxes" encompasses both income tax expenses and liabilities.

Name: The phrase "provision for income taxes" encompasses both income tax expenses and liabilities.
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"Provision for income taxes" refers specifically to the income tax expense recognized on the income statement, which estimates the taxes owed for the current period. It does not directly refer to the actual tax liabilities on the balance sheet, which are the amounts of taxes due to be paid or received.

The Phrase "Provision for Income Taxes" Encompasses Both Income Tax