On December 31, year 5, Oak Co. recognized a receivable
for taxes paid in prior years and refundable through the carryback
of all of its year 5 operating loss. Also, Oak had a year 5 deferred
tax liability derived from the temporary difference between tax
and financial statement depreciation, which reverses over the
period year 6–year 10. The amount of this tax liability is less than
the amount of the tax asset. Which of the following year 5 balance
sheet sections should report tax-related items?
I. Current assets.
II. Current liabilities.
III. Noncurrent liabilities.