1. Volume 2

2. ACCOUNTING FOR INCOME TAXES
C H A P T E R 19
ACCOUNTING FOR INCOME TAXES
Intermediate Accounting
IFRS Edition
Kieso, Weygandt, and Warfield

3. Learning Objectives
Identify differences between pretax financial income and taxable income.
Describe a temporary difference that results in future taxable amounts.
Describe a temporary difference that results in future deductible amounts.
Explain the non-recognition of a deferred tax asset.
Describe the presentation of income tax expense in the income statement.
Describe various temporary and permanent differences.
Explain the effect of various tax rates and tax rate changes on deferred income taxes.
Apply accounting procedures for a loss carryback and a loss carryforward.
Describe the presentation of income taxes in financial statements.
Indicate the basic principles of the asset-liability method.

4. Accounting for Income Taxes
Fundamentals of Accounting for Income Taxes
Accounting for Net Operating Losses
Financial Statement Presentation
Review of Asset-Liability Method
Future taxable amounts and deferred taxes
Future deductible amounts and deferred taxes
Income statement presentation
Specific differences
Rate considerations
Loss carryback
Loss carryforward
Loss carryback example
Loss carryforward example
Statement of financial position
Income statement
Tex reconciliation

5. Fundamentals of Accounting for Income Taxes
Corporations must file income tax returns following the guidelines developed by the appropriate taxing authority, thus they:
calculate taxes payable based upon tax regulations,
calculate income tax expense based upon IFRS.
Amount reported as tax expense will often differ from the amount of taxes payable to the taxing authority.
LO 1 Identify differences between pretax financial income and taxable income.

6. Fundamentals of Accounting for Income Taxes
Financial Statements
Tax Return
Illustration 19-1
Tax Authority
vs.
Exchanges
Investors and Creditors 
Pretax Financial Income
Taxable Income
IFRS
Tax Code 
Income Tax Expense
Income Tax Payable
LO 1 Identify differences between pretax financial income and taxable income.

7. Fundamentals of Accounting for Income Taxes
Illustration: Chelsea, Inc. reported revenues of $130,000 and expenses of $60,000 in each of its first three years of operations. For tax purposes, Chelsea reported the same expenses to the tax authority in each of the years. Chelsea reported taxable revenues of $100,000 in 2011, $150,000 in 2012, and $140,000 in What is the effect on the accounts of reporting different amounts of revenue for IFRS versus tax?
LO 1 Identify differences between pretax financial income and taxable income.

8. Book vs. Tax Difference IFRS Reporting Tax Reporting 2011 2012 2013
Illustration 19-2
IFRS Reporting
2011
2012
2013
Total
Revenues
$130,000
$130,000
$130,000
$390,000
Expenses
60,000
60,000
60,000
180,000
Pretax financial income
$70,000
$70,000
$70,000
$210,000
Income tax expense (40%)
$28,000
$28,000
$28,000
$84,000
Illustration 19-3
Tax Reporting
2011
2012
2013
Total
Revenues
$100,000
$150,000
$140,000
$390,000
Expenses
60,000
60,000
60,000
180,000
Pretax financial income
$40,000
$90,000
$80,000
$210,000
Income tax payable (40%)
$16,000
$36,000
$32,000
$84,000
LO 1 Identify differences between pretax financial income and taxable income.

9. Book vs. Tax Difference Comparison
Illustration 19-4
Comparison
2011
2012
2013
Total
Income tax expense (IFRS)
$28,000
$28,000
$28,000
$84,000
Income tax payable (tax authority)
16,000
36,000
32,000
84,000
Difference
$12,000
$(8,000)
$(4,000) $0
Are the differences accounted for in the financial statements?
Yes
Year
Reporting Requirement
2011
Deferred tax liability account increased to $12,000
2012
Deferred tax liability account reduced by $8,000
2013
Deferred tax liability account reduced by $4,000
LO 1 Identify differences between pretax financial income and taxable income.

10. Statement of Financial Position
Financial Reporting
Statement of Financial Position
Income Statement
2011
2011
Assets:
Revenues:
Expenses:
Liabilities:
Deferred taxes ,000
Income tax payable 16,000
Equity:
Income tax expense 28,000
Net income (loss)
Where does the “deferred tax liability” get reported in the financial statements?
LO 1 Identify differences between pretax financial income and taxable income.

11. Temporary Differences
A Temporary Difference is the difference between the tax basis of an asset or liability and its reported (carrying or book) amount in the financial statements that will result in taxable amounts or deductible amounts in future years.
Future Taxable Amounts
Future Deductible Amounts
Deferred Tax Liability represents the increase in taxes payable in future years as a result of taxable temporary differences existing at the end of the current year.
Deferred Tax Asset represents the increase in taxes refundable (or saved) in future years as a result of deductible temporary differences existing at the end of the current year.
Illustration 19-22: Examples of Temporary Differences
LO 2 Describe a temporary difference that results in future taxable amounts.

12. Future Taxable Amounts and Deferred Taxes
Illustration: In Chelsea’s situation, the only difference between the book basis and tax basis of the assets and liabilities relates to accounts receivable that arose from revenue recognized for book purposes. Chelsea reports accounts receivable at $30,000 in the December 31, 2011, IFRS-basis statement of financial position. However, the receivables have a zero tax basis.
Illustration 19-5
LO 2 Describe a temporary difference that results in future taxable amounts.

13. Future Taxable Amounts and Deferred Taxes
Illustration: Reversal of Temporary Difference, Chelsea Inc.
Illustration 19-6
Chelsea assumes that it will collect the accounts receivable and report the $30,000 collection as taxable revenues in future tax returns. Chelsea does this by recording a deferred tax liability.
LO 2 Describe a temporary difference that results in future taxable amounts.

14. Future Taxable Amounts and Deferred Taxes
Deferred Tax Liability
Represents the increase in taxes payable in future years as a result of taxable temporary differences existing at the end of the current year.
Illustration 19-4
2010
2011
2012
Total
Income tax expense (IFRS)
$28,000
$28,000
$28,000
$84,000
Income tax payable (tax authority)
16,000
36,000
32,000
84,000
Difference
$12,000
$(8,000)
$(4,000) $0
LO 2 Describe a temporary difference that results in future taxable amounts.

15. Future Taxable Amounts and Deferred Taxes
Deferred Tax Liability
Illustration: Because it is the first year of operations for Chelsea, there is no deferred tax liability at the beginning of the year. Chelsea computes the income tax expense for 2011 as follows:
Illustration 19-9
LO 2 Describe a temporary difference that results in future taxable amounts.

16. Future Taxable Amounts and Deferred Taxes
Deferred Tax Liability
Illustration: Chelsea makes the following entry at the end of 2011 to record income taxes.
Income Tax Expense 28,000
Income Tax Payable 16,000
Deferred Tax Liability 12,000
LO 2 Describe a temporary difference that results in future taxable amounts.

17. Future Taxable Amounts and Deferred Taxes
Deferred Tax Liability
Illustration: Computation of Income Tax Expense for 2012.
Illustration 19-10
LO 2 Describe a temporary difference that results in future taxable amounts.

18. Future Taxable Amounts and Deferred Taxes
Deferred Tax Liability
Illustration: Chelsea makes the following entry at the end of 2012 to record income taxes.
Income Tax Expense 28,000
Deferred Tax Liability 8,000
Income Tax Payable 36,000
Illustration 19-11
LO 2 Describe a temporary difference that results in future taxable amounts.

19. Future Taxable Amounts and Deferred Taxes
E19-1: Starfleet Corporation has one temporary difference at the end of 2010 that will reverse and cause taxable amounts of $55,000 in 2011, $60,000 in 2012, and $75,000 in Starfleet’s pretax financial income for 2010 is $400,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2010.
Instructions
Compute taxable income and income taxes payable for 2010.
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2010.
LO 2 Describe a temporary difference that results in future taxable amounts.

20. Future Taxable Amounts and Deferred Taxes
LO 2 Describe a temporary difference that results in future taxable amounts.

21. Future Deductible Amounts and Deferred Taxes
Illustration: During 2011, Cunningham Inc. estimated its warranty costs related to the sale of microwave ovens to be $500,000, paid evenly over the next two years. For book purposes, in 2011 Cunningham reported warranty expense and a related estimated liability for warranties of $500,000 in its financial statements. For tax purposes, the warranty tax deduction is not allowed until paid.
Illustration 19-12
LO 3 Describe a temporary difference that results in future deductible amounts.

22. Future Deductible Amounts and Deferred Taxes
Illustration: Reversal of Temporary Difference, Cunningham Inc.
Illustration 19-13
When Cunningham pays the warranty liability, it reports an expense for tax purposes. Cunningham reports this future tax benefit in the December 31, 2010, statement of financial position as a deferred tax asset.
LO 3 Describe a temporary difference that results in future deductible amounts.

23. Future Deductible Amounts and Deferred Taxes
Deferred Tax Asset
Represents the increase in taxes refundable (or saved) in future years as a result of deductible temporary differences existing at the end of the current year.
LO 3 Describe a temporary difference that results in future deductible amounts.

24. Future Deductible Amounts and Deferred Taxes
Deferred Tax Asset
Illustration: Hunt Co. accrues a loss and a related liability of $50,000 in 2011 for financial reporting purposes because of pending litigation. Hunt cannot deduct this amount for tax purposes until the period it pays the liability, expected in 2012.
Illustration 19-14
LO 3 Describe a temporary difference that results in future deductible amounts.

25. Future Deductible Amounts and Deferred Taxes
Deferred Tax Asset
Illustration: Assuming that 2011 is Hunt’s first year of operations, and income tax payable is $100,000, Hunt computes its income tax expense as follows.
Illustration 19-16
LO 3 Describe a temporary difference that results in future deductible amounts.

26. Future Deductible Amounts and Deferred Taxes
Deferred Tax Asset
Illustration: Hunt makes the following entry at the end of 2011 to record income taxes.
Income Tax Expense 80,000
Deferred Tax Asset 20,000
Income Tax Payable 100,000
LO 3 Describe a temporary difference that results in future deductible amounts.

27. Future Deductible Amounts and Deferred Taxes
Deferred Tax Asset
Illustration: Computation of Income Tax Expense for 2012.
Illustration 19-17
LO 3 Describe a temporary difference that results in future deductible amounts.

28. Future Deductible Amounts and Deferred Taxes
Deferred Tax Asset
Illustration: Hunt makes the following entry at the end of 2012 to record income taxes.
Income Tax Expense 160,000
Deferred Tax Asset 20,000
Income Tax Payable 140,000
Illustration 19-18
LO 3 Describe a temporary difference that results in future deductible amounts.

29. Future Deductible Amounts and Deferred Taxes
Illustration: Columbia Corporation has one temporary difference at the end of 2010 that will reverse and cause deductible amounts of $50,000 in 2011, $65,000 in 2012, and $40,000 in Columbia’s pretax financial income for 2010 is $200,000 and the tax rate is 34% for all years. There are no deferred taxes at the beginning of Columbia expects to be profitable in the future.
Instructions
Compute taxable income and income taxes payable for 2010.
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2010.
LO 3 Describe a temporary difference that results in future deductible amounts.

30. Future Deductible Amounts and Deferred Taxes
LO 3 Describe a temporary difference that results in future deductible amounts.

31. Future Deductible Amounts and Deferred Taxes
Deferred Tax Asset (Non-Recognition)
A company should reduce a deferred tax asset if it is probable that it will not realize some portion or all of the deferred tax asset.
“Probable” means a level of likelihood of at least slightly more than 50 percent.
LO 4 Explain the non-recognition of a deferred tax asset.

32. Future Deductible Amounts and Deferred Taxes
E19-14: Callaway Corp. has a deferred tax asset balance of $150,000 at the end of 2010 due to a single cumulative temporary difference of $375,000. At the end of 2011 this same temporary difference has increased to a cumulative amount of $500,000. Taxable income for 2011 is $850,000. The tax rate is 40% for all years. No valuation account is in existence at the end of 2010.
Instructions
Assuming that it is probable that $30,000 of the deferred tax asset will not be realized, prepare the journal entries required for 2011.
LO 4 Explain the non-recognition of a deferred tax asset.

33. Future Deductible Amounts and Deferred Taxes
LO 4 Explain the non-recognition of a deferred tax asset.

34. Income Statement Presentation
Formula to Compute Income Tax Expense
Illustration 19-20
Income tax payable or refundable
Change in deferred income tax
Income tax expense or benefit +- =
In the income statement or in the notes to the financial statements, a company should disclose the significant components of income tax expense attributable to continuing operations.
LO 5 Describe the presentation of income tax expense in the income statement.

35. Income Statement Presentation
Given the previous information related to Chelsea Inc., Chelsea reports its income statement as follows.
Illustration 19-21
LO 5 Describe the presentation of income tax expense in the income statement.

36. Examples of Temporary Differences
Specific Differences
Temporary Differences
Taxable temporary differences - Deferred tax liability
Deductible temporary differences - Deferred tax Asset
Text Illustration 19-22:
Examples of Temporary Differences
LO 6 Describe various temporary and permanent differences.

37. Text Illustration 19-24: Examples of Permanent Differences
Specific Differences
Permanent Differences
Enter into pretax financial income but never into taxable income or
Enter into taxable income but never into pretax financial income.
Affect only the period in which they occur.
Do not give rise to future taxable or deductible amounts.
Text Illustration 19-24: Examples of Permanent Differences
LO 6 Describe various temporary and permanent differences.

38. Future Deductible Amount Future Deductible Amount
Specific Differences
Do the following generate:
Future Deductible Amount = Deferred Tax Asset
Future Taxable Amount = Deferred Tax Liability
Permanent Difference
E19-6
1. An accelerated depreciation system is used for tax purposes, and the straight-line depreciation method is used for financial reporting purposes.
Future Taxable Amount
2. A landlord collects some rents in advance. Rents received are taxable in the period when they are received.
Future Deductible Amount
3. Expenses are incurred in obtaining tax-exempt income.
Permanent Difference
4. Costs of guarantees and warranties are estimated and accrued for financial reporting purposes.
Future Deductible Amount
LO 6 Describe various temporary and permanent differences.

39. Future Deductible Amount
Specific Differences
Do the following generate:
Future Deductible Amount = Deferred Tax Asset
Future Taxable Amount = Deferred Tax Liability
Permanent Difference
E19-6
5. Sales of investments are accounted for by the accrual method for financial reporting purposes and the installment method for tax purposes.
Future Taxable Amount
6. Interest is received on an investment in tax-exempt governmental obligations.
Permanent Difference
7. Estimated losses on pending lawsuits and claims are accrued for books. These losses are tax deductible in the period(s) when the related liabilities are settled.
Future Deductible Amount
LO 6 Describe various temporary and permanent differences.

40. Permanent Differences
E19-4: Havaci Company reports pretax financial income of €80,000 for The following items cause taxable income to be different than pretax financial income.
Depreciation on the tax return is greater than depreciation on the income statement by €16,000.
Rent collected on the tax return is greater than rent earned on the income statement by €27,000.
Fines for pollution appear as an expense of €11,000 on the income statement.
Havaci’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2010.
LO 6 Describe various temporary and permanent differences.

41. Permanent Differences
LO 6 Describe various temporary and permanent differences.

42. Tax Rate Considerations
Future tax Rates
A company must consider presently enacted changes in the tax rate that become effective for a particular future year(s) when determining the tax rate to apply to existing temporary differences.
Revision of Future Tax Rates
When a change in the tax rate is enacted, companies should record its effect on the existing deferred income tax accounts immediately.
LO 7 Explain the effect of various tax rates and tax rate changes on deferred income taxes.

43. Accounting for Net Operating Losses
Net operating loss (NOL) = tax-deductible expenses exceed taxable revenues.
Tax laws permit taxpayers to use the losses of one year to offset the profits of other years (carryback and carryforward).
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

44. Accounting for Net Operating Losses
Loss Carryback
Back 2 years and forward 20 years.
Losses must be applied to earliest year first.
Illustration 19-29
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

45. Accounting for Net Operating Losses
Loss Carryforward
May elect to forgo loss carryback and
Carryforward losses 20 years.
Illustration 19-30
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

46. Accounting for Net Operating Losses
BE19-12: Conlin Corporation had the following tax information.
In 2011 Conlin suffered a net operating loss of $480,000, which it elected to carry back. The 2011 enacted tax rate is 29%. Prepare Conlin’s entry to record the effect of the loss carryback.
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

47. Accounting for Net Operating Losses
$144,000
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

48. Accounting for Net Operating Losses
E19-12: Journal Entry for 2011
Income tax refund receivable 144,000
Benefit due to loss carryback 144,000
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

49. Accounting for Net Operating Losses
BE19-13: Rode Inc. incurred a net operating loss of €500,000 in Combined income for 2008 and 2009 was €350,000. The tax rate for all years is 40%. Rode elects the carryback option. Prepare the journal entries to record the benefits of the loss carryback and the loss carryforward.
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

50. Accounting for Net Operating Losses
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

51. Accounting for Net Operating Losses
E19-13: Journal Entries for 2010
Income tax refund receivable 140,000
Benefit due to loss carryback 140,000
Deferred tax asset 60,000
Benefit due to loss carryforward 60,000
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

52. Accounting for Net Operating Losses
BE19-14: Use the information for Rode Inc. given in BE Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years. Prepare all the journal entries necessary at the end of 2010.
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

53. Accounting for Net Operating Losses
E19-14: Journal Entries for 2010
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

54. Valuation Allowance Revisited
Whether the company will realize a deferred tax asset depends on whether sufficient taxable income exists or will exist within the carryforward period.
Text Illustration 19-37: Possible Sources of Taxable Income
To the extent that it is not probable that taxable profit will be available against which the unused tax losses or unused tax credits can be utilized, the deferred tax asset is not recognized.
LO 8 Apply accounting procedures for a loss carryback and a loss carryforward.

55. Financial Statement Presentation
Statement of Financial Position
The net deferred tax asset or net deferred tax liability is reported in the non-current section of the statement of financial position.
Illustration 19-38
LO 9

56. Financial Statement Presentation
Income Statement
Companies allocate income tax expense (or benefit) to
continuing operations,
discontinued operations,
other comprehensive income, and
prior period adjustments.
LO 9 Describe the presentation of income taxes in financial statements.

57. Income Statement
Components of income tax expense (benefit) may include:
Current tax expense (benefit).
Any adjustments recognized in the period for current tax of prior periods.
Amount of deferred tax expense (benefit) relating to the origination and reversal of temporary differences.
Amount of deferred tax expense (benefit) relating to changes in tax rates or the imposition of new taxes.
Amount of the benefit arising from a previously unrecognized tax loss, tax credit, or temporary difference of a prior period that is used to reduce current and deferred tax expense.
LO 9

58. Financial Statement Presentation
Tax Reconciliation
Companies either provide:
A numerical reconciliation between tax expense (benefit) and the product of accounting profit multiplied by the applicable tax rate(s), disclosing also the basis on which the applicable tax rate(s) is (are) computed; or
A numerical reconciliation between the average effective tax rate and the applicable tax rate, disclosing also the basis on which the applicable tax rate is computed.
LO 9 Describe the presentation of income taxes in financial statements.

59. Review of the Asset-Liability Method
Companies apply the following basic principles:
Illustration 19-42
LO 10 Indicate the basic principles of the asset-liability method.

60. Review of the Asset-Liability Method
Illustration 19-43
Procedures for Computing
and Reporting Deferred
Income Taxes
LO 10 Indicate the basic principles of the asset-liability method.

61. U.S. GAAP classifies deferred taxes based on the classification of the asset or liability to which it relates. The classification of deferred taxes under IFRS is always non-current.
U.S. GAAP uses an impairment approach for deferred tax assets. In this approach, the deferred tax asset is recognized in full. It is then reduced by a valuation account if it is more likely than not that all or a portion of the deferred tax asset will not be realized. Under IFRS, an affirmative judgment approach is used, by which a deferred tax asset is recognized up to the amount that is probable to be realized.

62. For U. S. GAAP, the enacted tax rate must be used
For U.S. GAAP, the enacted tax rate must be used. IFRS uses the enacted tax rate or substantially enacted tax rate. (“Substantially enacted” means virtually certain.)
The tax effects related to certain items are reported in equity under IFRS. That is not the case under U.S. GAAP, which charges or credits the tax effects to income.
U.S. GAAP requires companies to assess the likelihood of uncertain tax positions being sustainable upon audit. Potential liabilities must be accrued and disclosed if the position is “more likely than not” to be disallowed. Under IFRS, all potential liabilities must be recognized. With respect to measurement, IFRS uses an expected-value approach to measure the tax liability, which differs from U.S. GAAP.

63. Fiscal Year-2010
Allman Company, which began operations at the beginning of 2010, produces various products on a contract basis. Each contract generates a gross profit of $80,000. Some of Allman’s contracts provide for the customer to pay on an installment basis. Under these contracts, Allman collects one-fifth of the contract revenue in each of the following four years. For financial reporting purposes, the company recognizes gross profit in the year of completion (accrual basis); for tax purposes, Allman recognizes gross profit in the year cash is collected (installment basis).
LO 11 Understand and apply the concepts and procedures of interperiod tax allocation.

64. Fiscal Year-2010
Presented below is information related to Allman’s operations for 2010.
In 2010, the company completed seven contracts that allow for the customer to pay on an installment basis. Allman recognized the related gross profit of $560,000 for financial reporting purposes. It reported only $112,000 of gross profit on installment sales on the 2010 tax return. The company expects future collections on the related installment receivables to result in taxable amounts of $112,000 in each of the next four years.
At the beginning of 2010, Allman Company purchased depreciable assets with a cost of $540,000. For financial reporting purposes, Allman depreciates these assets using the straight-line method over a six-year service life. The following is the depreciation schedule for both financial and tax purposes.
LO 11

65. Fiscal Year-2010
The company warrants its product for two years from the date of completion of a contract. During 2010, the product warranty liability accrued for financial reporting purposes was $200,000, and the amount paid for the satisfaction of warranty liability was $44,000. Allman expects to settle the remaining $156,000 by expenditures of $56,000 in 2011 and $100,000 in 2012.
LO 11

66. Fiscal Year-2010
In 2010 nontaxable municipal bond interest revenue was $28,000.
During 2010 nondeductible fines and penalties of $26,000 were paid.
Pretax financial income for 2010 amounts to $412,000.
Tax rates enacted before the end of 2010 were: %
2011 and later years 40%
The accounting period is the calendar year.
The company is expected to have taxable income in all future years.
LO 11

67. Taxable Income and Income Tax Payable-2010
The first step is to determine Allman Company’s income tax payable for 2010 by calculating its taxable income.
Illustration 19A-1
Illustration 19A-2
LO 11

68. Deferred Income Taxes – End of 2010
Illustration 19A-3
Illustration 19A-4
LO 11

69. Deferred Tax Expense (Benefit) and the Journal Entry to Record Income Taxes - 2010
Computation of Deferred Tax Expense (Benefit), 2010
Illustration 19A-5
Computation of Net Deferred Tax Expense, 2010
Illustration 19A-6
LO 11

70. Deferred Tax Expense (Benefit) and the Journal Entry to Record Income Taxes - 2010
Computation of Total Income Tax Expense, 2010
Illustration 19A-7
Journal Entry for Income Tax Expense, 2010
Income Tax Expense 174,000
Deferred Tax Asset 62,400
Income Tax Payable 50,000
Deferred Tax Liability 186,400
LO 11

71. Financial Statement Presentation - 2010
Companies should classify deferred tax assets and liabilities as current and noncurrent on the balance sheet based on the classifications of related assets and liabilities.
Illustration 19A-8
LO 11

72. Financial Statement Presentation - 2010
Statement of Financial Position 2010
Illustration 19A-9
Income Statement 2010
Illustration 19A-10
LO 11

73. Copyright
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