Interperiod and Intraperiod Tax Allocation
Income tax allocation is an integral part of generally accepted accounting principles. Income tax allocation consists of both intraperiod and inter-period tax allocation.
Required:
1.
Describe the difference between inter period tax allocation and intra period tax allocation.
Intra period tax allocation: Every business firm report their income from continuing operation and discontinued operation separately in financial statement for better understanding about the operation of business. So, for the tax purpose, a business should divide the total income tax expense for a reporting period between continuing and discontinued operations. A gain from discontinued operation increase the taxable income while loss from discontinued reduce the taxable income and produce a tax benefit...
2.
Explain the manner of disclosing the income tax expense (credit) by a company for the year under intra period allocation.
3.
Cite an example of intra period tax allocation on a corporation’s income statement that includes income from continuing operations, a loss from the sale of a discontinued component, and a gain from the operations of the discontinued assuming a tax rate of 30%.
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