The issuance of Financial Interpretation No. 48 (FIN 48), Accounting for COMMUNI CAT IONS Uncertainty in Income Taxes, by the FASB was perhaps the most significant event affecting the reporting of a company’s income tax expense since the adoption of SFAS 109. The history of FIN 48 was not without controversy. Do an Internet search for items related to ASC 740

(FIN 48) and its early exposure drafts. Draft a short memo outlining the arguments made for and against the approach contained in ASC 740(FIN 48). Send your memo by e-mail to your instructor.