Intraperiod tax allocation requires a corporation's total income tax expense to be allocated to all of the following except
A)extraordinary items
B)other revenues and expenses
C)discontinued operations
D)prior-period adjustments

Question

Quizplus · Accepted Answer

Intraperiod tax allocation does not apply to other revenues and expenses; it is used to allocate tax expense to extraordinary items, discontinued operations, and prior-period adjustments.

Intraperiod Tax Allocation Requires a Corporation's Total Income Tax Expense