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Unformatted text preview: must now determine the amount of the benefit to recognize. The company estimates that the following probability distribution of possible outcomes. Dollar amount of tax benefit that management anticipates will be sustained Probability that the tax position will be sustained Cumulative probability that the tax position will be sustained $1,000,000 30% 30% $910,000 30% 60% $850,000 40% 100% Kiley’s income tax payable before the credit is $50 million. Required : Prepare the journal entry (or entries) to record Kiley’s income taxes for the year....
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This note was uploaded on 03/04/2010 for the course TAX 6845 taught by Professor Kelliher,c during the Fall '08 term at University of Central Florida.
- Fall '08