The tax components of continuing operations typically include which of the following:

The tax components of continuing operations represent the income tax expense or benefit related to a company's core, ongoing business activities. This calculation typically includes the effects of changes in tax laws or rates, adjustments to the valuation allowance for deferred tax assets, and changes in judgment about uncertain tax positions. These events, collectively described as "changes in tax status," directly impact the current or deferred tax provision attributable to income from continuing operations for the period. Accounting standards require the tax effects of other major events, such as discontinued operations, to be reported separately.

B. Discontinued operations: The income or loss from discontinued operations, along with its related tax effect, is required to be presented separately from continuing operations on the income statement.

C. Extraordinary items: This classification was eliminated from U.S. GAAP in 2015. Even when it existed, the tax effects of extraordinary items were reported separately from continuing operations.

D. All of the above: This option is incorrect because discontinued operations and extraordinary items are specifically excluded from the tax calculation for continuing operations.

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1. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740-20-45-3. This section on intraperiod tax allocation states, "Income tax expense or benefit for the year shall be allocated among continuing operations, discontinued operations, other comprehensive income, and items charged or credited directly to stockholders’ equity." This explicitly separates the tax allocation for continuing and discontinued operations.

2. FASB Accounting Standards Codification (ASC) 740-10-45-15. This paragraph specifies that the tax effect of a change in tax laws or rates on deferred tax assets and liabilities "shall be included in income from continuing operations for the period that includes the enactment date." This directly supports that changes in tax status are part of continuing operations.

3. FASB Accounting Standards Update (ASU) No. 2015-01, "Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items." This official update removed the concept of extraordinary items from GAAP, making option C obsolete and incorrect.

4. Spiceland, J. D., Nelson, M. W., & Thomas, W. B. (2021). Intermediate Accounting (11th ed.). McGraw-Hill Education. In Chapter 16, "Accounting for Income Taxes," the text explains that intraperiod tax allocation involves separating the total income tax expense among continuing operations, discontinued operations, and other financial statement components. It also clarifies that changes in enacted tax rates are recognized as part of the tax expense from continuing operations.