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McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068 Exercise 45
Which of the following statements about uncertain tax positions (UTP) is correct?
a.UTP applies only to tax positions accounted for under ASC 740 taken on a filed tax return.b.UTP applies to all tax positions accounted for under ASC 740, regardless of whether the item is taken on a filed tax return.c.UTP deals with both the recognition and realization of deferred tax assets.d.If a tax position meets the more likely than not standard, the entire amount of the deferred tax asset or current tax benefit related to the tax position can be recognized under ASC 740.e.Statements b, c, and d are correct.
a.UTP applies only to tax positions accounted for under ASC 740 taken on a filed tax return.b.UTP applies to all tax positions accounted for under ASC 740, regardless of whether the item is taken on a filed tax return.c.UTP deals with both the recognition and realization of deferred tax assets.d.If a tax position meets the more likely than not standard, the entire amount of the deferred tax asset or current tax benefit related to the tax position can be recognized under ASC 740.e.Statements b, c, and d are correct.
Explanation
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The correct Answer is Option B.UTP is ap...
McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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