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Our Technical Line, Accounting for the effects of the Inflation Reduction Act and the CHIPS and Science Act, has been updated to reflect the FASB staff’s view that the most appropriate way to account for nonrefundable tax credits with transferability features is to apply ASC 740. If the entity that generates the credit transfers it to another party, it would recognize the gain or loss on the transfer in income tax expense (benefit). However, the FASB staff said other views to account for credits with transferability features are acceptable because ASC 740 does not specifically address the issue