ASC 740 definition
Examples of ASC 740 in a sentence
ASC 740 prescribes the minimum recognition threshold that a tax position is required to meet before being recognised in an entity's financial statements.
A prospective investor should be aware that, among other things, ASC 740 could have a material adverse effect on the periodic calculations of the Net Asset Value of a Portfolio, including reducing the Net Asset Value of a Portfolio to reflect reserves for income taxes, such as US and foreign withholding taxes and income taxes payable on income effectively connected with a trade or business, that may be payable by a Portfolio.
Accounting Standards Codification Topic No. 740, "Income Taxes" (in part formerly known as " FIN 48") ("ASC 740"), provides guidance on the recognition of uncertain tax positions.
Accounting Standards Codification Topic No. 740, "Income Taxes" (in part formerly known as "FIN 48") ("ASC 740"), provides guidance on the recognition of uncertain tax positions.
The Company has made adequate charges, accruals and reserves pursuant to the Financial Accounting Standards Board ASC 740 in the applicable financial statements referred to in Section 1(e) hereof in respect of all federal, state and foreign income and franchise taxes for all periods as to which the tax liability of the Company or any of its consolidated subsidiaries has not been finally determined.
In accordance with ASC 740, Income Taxes (“ASC 740”), the Company accounts for uncertainty in tax positions and recognizes in its financial statements the largest amount of a tax position that is more-likely-than-not to be sustained upon audit, based on the technical merits of the position.
Each Fund shall pay Ultimus $[REDACTED] per calendar quarter for tax provisioning services and ASC 740 Compliance.
A prospective investor should be aware that, among other things, ASC 740 could have a material adverse effect on the periodic calculations of the Net Asset Value of a Portfolio, including reducing the Net Asset Value of a Portfolio to reflect reserves for income taxes, such as US and foreign withholding taxes and income taxes p ayable on income effectively connected with a trade or business, that may be payable by a Portfolio.
We account for income taxes in accordance with the provisions of ASC 740, Income Taxes, which requires that deferred income taxes be determined based upon the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of the enacted tax law.
Conduct ASC 740 monitoring and analysis for financial statement disclosure, if necessary.