Which of the Following Statements About Uncertain Tax Position Disclosures

question 57

Multiple Choice

Which of the following statements about uncertain tax position disclosures is false?

• A) ASC 740 requires a company to disclose the amount of unrecognized tax benefits for each country in which it files a tax return
• B) ASC 740 requires a company to disclose the aggregate amount of unrecognized tax benefits, separated between U.S., state and local, and international tax positions
• C) ASC 740 requires a company to disclose the aggregate amount of unrecognized tax benefits without separation between U.S., state and local, and international tax positions
• D)None of these

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Definitions:

Taxpayer Contribution Amount

The sum of money contributed by a taxpayer towards taxes, retirement accounts, or other eligible investments, potentially affecting tax calculations.

AGI

Adjusted Gross Income is gross income minus adjustments to income, serving as a key figure in determining taxable income and eligibility for certain tax benefits.

Qualifying Child

A dependent child who meets specific IRS criteria concerning age, relationship, residency, and support, allowing the taxpayer to claim certain tax benefits.

EIC

The Earned Income Credit is a refundable tax credit designed for individuals and families with low to moderate income who work, especially those with children.