1. If Congress reduces the corporate income tax rates, how would this affect deferred tax liabilities and deferred tax assets? 2. You rent your beach house to your friend, Sarah. Sarah rents her condo...

1. If Congress reduces the corporate income tax rates, how would this affect deferred tax liabilities and deferred tax assets?

2. You rent your beach house to your friend, Sarah. Sarah rents her condo in Aspen to you. You each pay a fair rental price.