The Phantom Federal Income Taxes of General Dynamics Corporation.
审查通用动力公司联邦所得税的财务报告，揭示账面收入与应税收入的重大差异，质疑现行有效税率披露的相关性，并建议FASB要求更完整地说明公司税务状况。
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.