Interperiod and Intraperiod Tax Allocation Income Tax allocation is an integral part of generally accepted accounting principles. Income tax allocation consists of both inraperiod and inter-period tax...

Interperiod and Intraperiod Tax Allocation

Income Tax allocation is an integral part of generally accepted accounting principles. Income tax allocation consists of both inraperiod and inter-period tax allocation.

Required

1. Explain the difference between interperiod income tax allocation

2. Explain how a corporation discloses its income tax expense (or Credit) for the year under intraperiod allocation

3.Provide an example of intraperiod tax allocation on a corporations income statement that includes income from continuing operations, a loss from the sale of a discontinued component and a gain from the operation f the discontinued. Assume a 30% tax rate.