ASC 740 Requires That

question 55

Multiple Choice

ASC 740 requires that

• A)the AMT is not considered as federal income tax expense.
• B)companies must establish a valuation allowance for the minimum tax credit.
• C)the minimum tax credit creates a deferred tax asset.
• D)the minimum tax credit increases federal income tax expense.

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Definitions:

Proximal Convoluted Tubule

A portion of the nephron in the kidney where reabsorption of water, ions, and other substances from the urine takes place.

Skeletal Muscle

A type of striated muscle attached to bones, responsible for voluntary movements of the body.

External Urinary Sphincter

Sphincter skeletal muscle around the base of the urethra external to the internal urinary sphincter.

Urethra

A tube that connects the urinary bladder to the outside of the body, allowing the expulsion of urine.