Question: The means of dealing with uncertainty in tax positions is
The means of dealing with uncertainty in tax positions is prescribed by GAAP in FASB ASC 740–10: Income Taxes–Overall (previously FASB Interpretation No. 48 (FIN 48)). Describe the two-step process provided by FIN 48.
Relevant QuestionsWhat is intraperiod tax allocation?In 2011, Ryan Management collected rent revenue for 2012 tenant occupancy. For financial reporting, the rent is recognized as income in the period earned, but for income tax reporting it is taxed when collected. The unearned ...Superior Developers sells lots for residential development. When lots are sold, Superior recognizes income for financial reporting purposes in the year of the sale. For some lots, Superior recognizes income for tax purposes ...Ayres Services acquired an asset for $80 million in 2011. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset's cost is ...When a company records a deferred tax asset, it may need to also report a valuation allowance if it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. The FASB Accounting ...
Post your question