Deferred tax assets (DTAs), credits and deductions that helpcompanies smooth earnings, would lose their value under a lower 28%corporate tax rate, as proposed by President Obama. Some companiesplan to write them down and take the hit to earnings, the WallStreet Journal reports.

Companies such as Lockheed Martin and Citigroup have billionssets aside as DTAs. Citigroup, for example, said in a recentearnings conference call that they could charge $4 to $5 billion toearnings as a result of revaluing their $53.3 billion stockpile ofDTAs, the Journal said.

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