Question: For the current quarter ( Q 1 ) , you have the following results in your current year earnings forecast. The Company classifies interest expense
For the current quarter Q you have the following results in your current year earnings forecast. The Company classifies interest expense related to UTPs as income tax in the income statement. Forecasted income and effects: US domestic pretax income nonUS subsidiary pretax income assume there are no foreign tax credits Current year interest accrual for uncertain tax positions This quarter there was a change in estimate on uncertain tax position for prior year Nondeductible amount of business meals and entertainment Tax rate in both jurisdictions Year to date pretax income What is the projected forecasted income used for interim reporting purposes? Show your work! What is the tax provision calculated for this interim period? Show your work! What amount of the total provision calculated above is a discrete expensebenefit in the quarter?
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