A valuation allowance would exist as a contra account to the deferred tax assets if it is:
a. "probable" that all of the gross amount of the deferred tax assets is expected to be realized.
b. "probable" that only a small portion of the deferred tax assets are expected to be realized.
c. "more likely than not" that only a portion of the gross amount of the deferred tax assets is expected to be realized.
d. "more likely than not" that the entire amount is to be realized.