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Investment Management Management 220Deferred Taxes Summary of Key PointsSummary of Key PointsINCOME TAX EXPENSE, AS REPORTED IN THE INCOME STATEMENT, REFLECTS NOT ONLY CURRENT AMOUNTS OWED VARIOUS TAXING AUTHORITIES (FEDERAL, STATE, AND FOREIGN), BUT THE ESTIMATED FUTURE TAX CONSEQUENCES OF CURRENT TRANSACTIONS How should financial statements reflect the impact of differences between GAAP and the tax.