1. You are the tax director for a FORTUNE 500 company and the new CFO comes to you and asks you what ASC 740 is? He also asks you to tell him what a deferred tax asset is and when it can be reflected on the company's books without applying a valuation allowance?
2. You are a CPA in private practice and your client asks you to explain what an apportionment factor is for multi-state income tax purposes.
3. You are a CPA in private practice and your client which is a non-profit entity wants you to explain when the Unrelated Business Income Tax could apply to their operations.