AICPA每日一练之FAR【2016-2-26】

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In personal financial statements, how should estimated income taxes on the excess of the estimated current values of assets over their tax bases be reported in the statement of financial condition?

A. As liabilities.

B. As deductions from the related assets.

C. Between liabilities and net worth.

D. In a footnote disclosure only.

Answer:C

This answer is correct. ASC Topic 274 specifically addresses the presentation of estimated income taxes on the excess of the estimated current values of assets over their tax bases in the statement of financial condition. This statement requires that the estimated income taxes should be presented between liabilities and net worth in the statement of financial condition.

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