Developing a tax file memorandum

Reference no: EM1358098

Problem:

Donovan Corporation, a calender year-end company, operates a profitable division in Jurisdiction A. In January 2010, Jurisdiction A enacted a tax law that changed the tax rate structure from 30% to 35%. Donovan wants to know whether it needs to adjust its 12/31/2009 tax provision to reflect the rate change, and if not in 2009, when does it need to recognize the effect of the change?

Requirement:

Develop a tax file memorandum for a client based on the above information.

Reference no: EM1358098

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