Question

ASC 740 applies to all of the following tax positions except:

a· A tax position taken on sales taxes
b· A position taken on a previous tax return
c· A position taken on a current tax return
d· A tax position taken with regards to the deductibility of 50% of meals

Answer 1

ASC 740 applies to all tax positions except those taken on a previous tax return.

Step-by-step explanation:

ASC 740 applies to all tax positions except for a tax position taken on a previous tax return. This means that it applies to tax positions taken on sales taxes, current tax returns, and tax positions taken with regards to the deductibility of 50% of meals.