Which of the following is a true statement about impermissible accounting methods?
A) An impermissible method is adopted by using the method to report results for two consecutive years.
B) An impermissible method may never be used by a taxpayer.
C) Cash method accounting is an impermissible method for partnerships and Subchapter S electing corporations.
D) There is no accounting method that is impermissible.
E) None of these is true.
Correct Answer:
Verified
Q73: Mike started a calendar year business on
Q75: Which of the following is a true
Q76: Joe is a self employed electrician who
Q78: Which of the following is a payment
Q80: Big Homes Corporation is an accrual method
Q80: Brad operates a storage business on the
Q82: David purchased a deli shop on
Q83: Manley operates a law practice on the
Q95: Bryon operates a consulting business and he
Q122: Shadow Services uses the accrual method and
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents