Question

Analyzing and Interpreting Income Tax Footnote
The following is an excerpt from Walmart's 2015 Form 10-K

A summary of the provision for income taxes is as follows ($ millions):
Current:
U.S. federal	$6,165
U.S. state and local	810
International	1,529
Total current tax provision	8,504
Deferred:
U.S. federal	(387)
U.S. state and local	(55)
International	(77)
Total deferred tax expense (benefit)	$(519)

a. What amount of income tax expense does Walmart report in its income statement for 2015?
$Answer million

b. How much of Walmart's income tax expense was determined from the company's tax returns?
$Answer million

c. How did deferred taxes affect Walmart's tax expense for the year?

Deferred taxes increased Walmart's income tax provision for the year.

Deferred taxes decreased Walmart's income tax provision for the year.

Deferred taxes did not affect Walmart's income tax provision for the year.

Answer 1