Pwc's Cfodirect Podcast

Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spinoffs.To continue the series, Heather and Jenn are joined by Matt McCann, a partner in PwC’s National Office, to share insights on the practical challenges that arise in the tax accounting for spinoff transactions.In this episode, you’ll hear discussion of:1:30 - What a spinoff transaction is and the SEC filing requirements, including the preparation of carve-out financial statements7:48 - Considerations related to allocating the consolidated income tax provision to the carved-out entity 18:22 - Other practical tax challenges in carve outs including valuation allowance assessments, uncertain tax positions, and tax sharing agreements 28:30 - The importance of robust disclosures when attributes or assertions are expected to chang