Cadillac Square Corporation determined that $1,131,300 of its research and development tax credit on its current-year tax return was uncertain but that it was more likely than not to be sustained on audit. Management made the following assessment of the company's potential tax benefit from the deduction and its probability of occurring. Potential Estimated Benefit (000s) $ 1,131,300 824,050 84,550 0 Individual Probability of Occurring () 41 30 18 11 Cumulative Probability of Occurring (1) 41 71 89 100 What amount of the tax benefit related to the uncertain tax position from the research and development tax credit can Cadillac Square Corporation recognize in calculating its income tax provision in the current year? Answer is complete but not entirely correct. $ 726,267 Tax benefit amount recognized

Cadillac Square Corporation determined that $1,131,300 of its research and development tax credit on its current-year tax return was uncertain but that it was more likely than not to be sustained on audit. Management made the following assessment of the company's potential tax benefit from the deduction and its probability of occurring. Potential Estimated Benefit (000s) $ 1,131,300 824,050 84,550 0 Individual Probability of Occurring () 41 30 18 11 Cumulative Probability of Occurring (1) 41 71 89 100 What amount of the tax benefit related to the uncertain tax position from the research and development tax credit can Cadillac Square Corporation recognize in calculating its income tax provision in the current year? Answer is complete but not entirely correct. $ 726,267 Tax benefit amount recognized

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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