Question: Examine the income tax expense on the income statement, the deferred tax assets and liabilities on the balance sheet, and the applicable footnotes or notes to the financial statements for both companies for the current year in the 10-K. Answer the following questions:

1. Determine the total provision for taxes or Total income tax expense(benefit) and also provide the Federal current and federal deferred portions for each company from the footnotes or notes to the financial statements. JCP has Federal current and Foreign lumped together so reference the total provided. Provide the page number you found this information at.
2. Read the footnotes or notes to the financial statements and identify what each company stated about how the Tax Cuts & Jobs Act  that will impact taxes going forward.
3. Using the footnotes or notes to the financial statements give the category and dollar amount of the largest deferred tax asset and deferred liability for each company. Explain why deferred taxes occur.

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