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The Phantom Federal Income Taxes of General Dynamics Corporation.

James E. Wheeler¹; Edmund Outslay²; M. Edgar Barrett

¹ Professor of Accounting, University of Michigan 1 · ² Associate Professor of Accounting, Michigan State University. 2

Abstract ABSTRACT: This article reviews and evaluates the financial reporting of the federal income taxes of General Dynamics Corporation. Such a review illustrates the material discrepancies that can result between book income and tax return income using generally accepted accounting principles. It also raises doubts as to (1) the relevance of the current disclosure of "effective tax rates" in the income tax note to the financial statements, and (2) whether General Dynamics has fully reported its tax status in its annual reports. We believe that the FASB should require a more complete articulation of a corporation's tax status in its annual reports.

DOI

10.2308/tar-4479128

Volume

61 (4)

Pages

760-774

Language

en

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