$26$

$2$ points

ASC $740$ lists two objectives: Recognize the amount of income taxes payable or refundable in the current year and Recognize deferred tax liabilities and assets for the $($expected$)$ future tax consequences of events that have been recognized in an enterprise's financial statements or tax returns

True

False

$2$ points

In what order are the loss limitations for partnerships applied?

Tax basis; at$-$risk amount; passive activity loss.

Passive activity loss; tax basis; at$-$risk amount.

Tax basis; passive activity loss; at$-$risk amount.

At$-$risk amount; tax basis; passive activity loss.