Ralph's Business Records Were Lost as a Result of Hurricane

question 443

Multiple Choice

Ralph's business records were lost as a result of Hurricane Katrina. CPA Jane prepares Ralph's return using estimates. What do the Statements on Standards for Tax Services state about the use of estimates?

• A) The Statements on Standards for Tax Services do not address the use of estimates.
• B) Estimates may not be used.
• C) Estimates may be used without disclosing their use to the IRS.
• D) Estimates may be used, but Jane should disclose their use to the IRS.

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Definitions:

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