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How should the corporation report tax position in financal

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Reference no: EM132767398

Problem 1: A publicly traded corporation reported a $10,000 deduction in its current-year tax return for an item it expects to be disallowed. The tax rate is 40%. How should the corporation report this tax position in the financial statements?

A. As a temporary difference disclosed in the notes to the financial statements that is not recognized.

B. As a $10,000 deferred tax asset.

C. As a $4,000 income tax expense and a $4,000 liability for an unrecognized tax benefit.

D. As a $4,000 deferred tax asset and a $4,000 income tax benefit

Reference no: EM132767398

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