Which of the following reflects SFAS No. 109's position regarding tax-loss carryforwards?
A) A tax-loss carryforward should not be recorded because future benefits are uncertain.
B) Any excess of the tax-loss carryforward over deferred tax liabilities should not be booked.
C) A tax-loss carryforward coming from an acquired corporation should not be recognized.
D) A tax-loss carryforward should be booked as an asset in most cases.
Correct Answer:
Verified
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