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:

Social Action

Efforts to change society or aspects of it through collective behavior and policies to improve public welfare.

Class Advocacy

Efforts to support, defend, or promote the interests and rights of a particular class or group within a community or organization.

Effective

Yielding the desired outcome or result with efficiency and efficacy.

Advocacy Action

Refers to proactive efforts undertaken to influence public-policy and resource allocation decisions within political, economic, and social systems.