$5$ points

Separately$-$stated items are income, deductions, gains, losses, and tax preferences that might affect the taxable income of shareholders differently, depending on their other income and losses

True

False

$6$

$2$ points

Which of the following taxes would not be accounted for under ASC $740?$

Income taxes paid to the German government.

Income taxes paid to the U$.$S$.$ government.

Value$-$added taxes paid to the Swiss government.

Income taxes paid to the City of New York.