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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.