Which of the following partnerships can elect the cash-basis method of accounting?
A) a CPA firm with average revenues of $20 million
B) a chocolate manufacturer with average revenues of $3 million
C) a cleaning service partnership generating average revenues of $5.5 million whose partners are Joe,Larry and Smith Inc.
D) None of the above.
Correct Answer:
Verified
Q1: A taxpayer's tax year must coincide with
Q2: An S corporation elects a September 30
Q10: A partnership must generally use the same
Q14: Except in a few specific circumstances,once adopted,an
Q20: Partnerships,S corporations,and personal service corporations may elect
Q22: Generally,if inventories are an income-producing factor to
Q31: Under the cash method of accounting,all expenses
Q35: A taxpayer may use a combination of
Q37: Under the accrual method of accounting,the two
Q1923: One criterion which will permit a deduction
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