CCH Accounting for Income Taxes (2018)

Author(s): Richard Petersen

Published: Jun 09, 2017
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ISBN: 9780808046301
Product Number: 10030139-0008
Volumes: 1
Update Frequency: Annually
482 Pages

CCH Accounting for Income Taxes (2018) provides guidance on the application of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 740, Income Taxes. It also addresses income tax-related paragraphs in certain other Codification topics, including Topic 805, Business Combinations, and Topic 980, Regulated Operations. This publication presents the author's interpretation on areas that have not been specifically addressed by the Codification or that require further explanation. The analysis in this publication is based on discussions with the staffs of the FASB and the Securities and Exchange Commission (SEC), combined with lessons learned from leading accounting practitioners.

Appendix I includes a series of interpretations of income tax-related paragraphs that are located in other topics in the Codification. Appendix II, "Index of Accounting Literature Cited," includes cross-references to the interpretations that either refer to or incorporate the pre-Codification authoritative pronouncement or interpretive literature, in whole or in part, that was not codified by the FASB into its Codification. The FASB decided to exclude "nonessential material,such as redundant summaries of existing standards, historical content, discussions of previous practice, summaries of constituent feedback, and similar content." However, the author believes such information may be useful to readers of this publication. Appendix III contains recent examples reflecting how various U.S. public entities have disclosed the information required by Topic 740.

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  • Table of Contents

CCH Accounting for Income Taxes (2018)

Topics and Content

  • Preface
  • About the Authors

SECTION I: INTERPRETATIONS OF TOPIC 740, INCOME TAXES

  • Income Tax-Overall (740-10)
  • Section 740-10-05: Overview and Background-General
  • Section 740-10-10: Objectives-General
  • Section 740-10-15: Scope and Scope Exceptions-General
  • 740-10-15-2.A: Not-for-Profit Entities: Tax on Investment Income
  • 740-10-15-2.B: Applicability of the Provisions in Subtopic 740-10 Related to Uncertain Tax Positions to Entities That Typically Are Not Taxpayers
  • 740-10-15-3.A: Mexican Profit-Sharing Arrangements
  • 740-10-15-3.B: Michigan Business Tax
  • 740-10-15-3.C: Accounting for Investments in Affordable Housing Projects
  • 740-10-15-3.D: Mexican Flat Tax
  • 740-10-15-4.A: Taxes Assessed on Dividends
  • 740-10-15-4.B: Texas State Franchise Tax
  • 740-10-15-4.C: Attribution of Income Taxes to the Entity or Its Owners
  • Section 740-10-20: Glossary
  • Section 740-10-25: Recognition-General
  • (Exceptions to the Basic Requirements)
  • 740-10-25-3.A: Safe Harbor Leases
  • 740-10-25-3.B: Identified Intangible Assets That Are Not Amortizable for Tax Purposes
  • 740-10-25-3.C: Computation of Deferred Taxes Related to Identified Intangible Assets That Are Not Amortizable for Tax Purposes
  • 740-10-25-3.D: Reorganization Value in Excess of Amounts Allocable to Identified Assets
  • 740-10-25-3.E: Applicability of Paragraph 740-10-25-3(f) to U.S. GAAP Financial Statements of Non-U.S. Entities, Including Financial Statements of Non-U.S. Entities Operating in Highly Inflationary Economies
  • 740-10-25-3.F: Nonmonetary Assets and Liabilities of Foreign Operations for Which the Local Currency Is Not the Functional Currency
  • 740-10-25-3.G: Inflationary Profits Tax in Countries with Hyperinflation
  • 740-10-25-3.H: Effect of a Change in an Important Assumption on the Accounting for Leveraged Leases
  • 740-10-25-3.I: Distinguishing Foreign From Domestic Subsidiaries
  • 740-10-25-3.J: Temporary Differences Related to CTA
  • 740-10-25-3.K: Deferred Tax Accounting for "Outside Basis Differences" When a Change From Consolidation to Equity or Cost Method of Accounting Occurs
  • 740-10-25-3.L: Subtopic 740-30 Exception Related to the Tax Bad Debt Reserve of a Savings and Loan Association
  • 740-10-25-3.M: Scope of Subtopic 740-30 Exception Related to Investments in Foreign Subsidiaries
  • 740-10-25-3.N: Monetary Restatement of Fixed Assets in Italy
  • 740-10-25-3.O: Recognition of a Deferred Tax Liability for a Portion of an Outside Basis Difference
  • 740-10-25-3.P: Dividends Received Deduction on the Repatriation of Certain Foreign Earnings Allowed by the 2004 Tax Act
  • (Recognition Threshold for Uncertain Tax Positions)
  • 740-10-25-3.Q: Intercompany Transfers of Intellectual Property
  • 740-10-25-6.B: Treatment of Subsequent Events at Transition to the Provisions of Subtopic 740-10 Related to Uncertain Tax Positions
  • 740-10-25-7.A: Administrative Practices and Precedents
  • 740-10-25-10.A: Effectively Settled through Examination, Negotiation, or Litigation
  • 740-10-25-13.A: Unit of Account
  • 740-10-25-14.A: Consideration of Subsequent Events Differs From Topic 450, Contingencies
  • 740-10-25-17.A: Interaction Between Net Operating Loss Carryforwards and Liabilities for Unrecognized Tax Benefits
  • (Temporary Differences)
  • 740-10-25-23.A: Accounting for Temporary Differences in Monetary Assets and Liabilities Caused by Changes in Currency Exchange Rates When an Entity's Functional Currency Is Different From Its Local (Tax Reporting) Currency
  • 740-10-25-23.B: Identifying Temporary Differences in Tax Systems That Exclude Significant Types of Income or Expense From the Computation of the Base Amount Subject to Tax
  • 740-10-25-29.A: Accounting for Temporary Differences and Carryforwards Acquired Other Than in a Business Combination
  • 740-10-25-30.A: Basis Differences of Regulated Investment Companies, Cooperatives, and Similar Entities
  • 740-10-25-30.B: Determining If a Basis Difference Is a Taxable Temporary Difference
  • 740-10-25-30.C: Accounting for the Effects of Temporary Differences During a Tax Holiday
  • 740-10-25-30.D: Accounting for the Tax Consequences of the Medicare Prescription Drug, Improvement and Modernization Act of 2003
  • 740-10-25-30.E: Corporate Owned Life Insurance
  • 740-10-25-30.F: Timing of Recognition of Conversion to a REIT
  • (Changes in Tax Status)
  • 740-10-25-32.A: Common Control Merger of Taxable and Nontaxable Entities
  • (Investment Tax Credits)
  • 740-10-25-46.A: Distinguishing Investment Tax Credits From Government Grants
  • (Interest and Penalties)
  • 740-10-25-56.A: Capitalization of Interest
  • 740-10-25-56.B: Ratio of Earnings to Fixed Charges
  • 740-10-25-56.C: Interest Income Related to Income Tax Uncertainties
  • Section 740-10-30: Initial Measurement-General
  • (Uncertain Tax Positions)
  • 740-10-30-3.A: Effect of Noncontrolling Interests in Subsidiary Tax Pass-Through Entities
  • 740-10-30-7.A: Example of How to Measure the Tax Benefits to Be Recognized Under Subtopic 740-10740-10-30-7.B: All Income Tax Uncertainties Need to Be Accounted for Pursuant to Subtopic 740-10
  • (Applicable Tax Rates)
  • 740-10-30-8.A: Losses of a Foreign Branch
  • 740-10-30-8.B: State Apportionment Factors
  • 740-10-30-9.A: Percentage Depletion
  • 740-10-30-9.B: Small Life Insurance Entities
  • 740-10-30-9.C: Canadian Crown Royalties and Resource Allowance
  • 740-10-30-9.D: Effect of Changes in the Estimated Graduated Tax Rate
  • 740-10-30-9.E: Measuring Deferred Taxes When Different Tax Rates Are Applied to Distributed and Undistributed Earnings
  • 740-10-30-9.F: Qualified Production Activities
  • (Establishment of a Valuation Allowance)
  • 740-10-30-17.A: Deferred Tax Assets Resulting From OPEB Liabilities
  • 740-10-30-17.B: Temporary Differences Related to Mexican Inventories
  • 740-10-30-17.C: Limitations on Future Events Anticipated When Assessing the Realizability of Deferred Tax Assets
  • 740-10-30-17.D: Valuation Allowance: Recognizing Impairment of Deferred Tax Assets Compared With Impairment of Long-Lived Intangible Assets
  • 740-10-30-18.A: Sources of Taxable Income
  • 740-10-30-18.B: AMT Credit Carryforwards and Valuation Allowances
  • 740-10-30-18.C: Consideration of Deferred Tax Liabilities Related to Investments in Leveraged Leases When Assessing the Need for a Valuation Allowance for Deferred Tax Assets
  • 740-10-30-18.D: Consideration of "Held-to-Maturity" Securities When Assessing the Need for a Valuation Allowance for Deferred Tax Assets
  • 740-10-30-18.E: RAP/GAAP Differences for Financial Institutions
  • 740-10-30-18.F: Accounting for Deferred Tax Assets Related to Available-for-Sale Debt Securities
  • 740-10-30-19.A: Changing the Timing or Character of Future Taxable Income
  • 740-10-30-19.B: Using the Sale of Appreciated Operating Assets as a Tax-Planning Strategy
  • 740-10-30-19.C: The Effect of Uncertainty on Tax-Planning Strategies
  • 740-10-30-19.D: Income Statement Classification of Direct Costs of Executing a Tax Strategy
  • 740-10-30-21.A: Definition of Cumulative Losses in Recent Years
  • 740-10-30-21.B: Significance of Cumulative Losses in Recent Years
  • 740-10-30-21.C: Other Examples of Negative Evidence
  • 740-10-30-21.D: Going-Concern Report as Negative Evidence
  • 740-10-30-22.A: Appreciation in Market Value of an Asset as Positive Evidence
  • 740-10-30-22.B: Forecast of Future Income as Positive Evidence
  • (Separate Financial Statements of a Component of a Consolidated Group)
  • 740-10-30-27.A: Allocating Taxes Among Members of the Consolidated Group
  • 740-10-30-27.B: Examples of Separate Return and Pro Rata Allocation Approaches
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