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I think this problem may concern accrual accounting vs cash accounting for tax purposes. However, the argument has to be structured for the taxpayer to win in Tax Court. If you know the IRC Code(s), please provide.
A taxpayer, who uses the cash method of accounting for tax purposes, received income in 1989, 1990, 1991 and 1992 for illegal espionage activities performed in 1985. He received a deficiency notice for the above years from the IRS. He disputed the deficiency in those years. His argument was that he constructively received the bulk of the money in 1985 when it was allegedly promised. Therefore, he does not feel that he should be penalized in the years he actually received the money. By the way, he never reported the income to the IRS. Using the tax code, the respondent was able to dispute the taxpayer's claim and the decision was entered for the respondent. Could the taxpayer have structured his argument differently in order to win in tax court? I was thinking that he should have claimed that he made a mistake and should have used the accrual method of accounting for tax purposes. However, I am uncertain that would work.
The framework used to record and summarize the economic activities of a business enterprise is referred to as the accounting equation. State the basic accounting equation and define each of its major components. How are business transactions and f..
During 1st year of operations Klump Corporation had the following transactions pertaining to its common stock.
You own a portfolio that is 38 percent invested in Stock X, 22 percent in Stock Y, and 40 percent in Stock Z. The expected returns on these three stocks are 10 percent, 15 percent, and 12 percent, respectively.
After the events of September 11, we were without our securities markets for few days. Though, it was a difficult condition, the markets opened in a few days and we managed.
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
Antawn expects to sell 42,000 units of finished goods this period-How many units must he budget for production this period
A salesperson from a different computer company claims that his machine, which costs $85,000 and has an estimated service life of four years, will generate annual savings for the city of $32,000.
How should internal auditors help, if at all, with forensic accounting investigations?
What is possible "consequence" of using the allowance method rather than the direct write-off method? The method fits the matching principle, is GAAP, the SEC likes it better, sounds better for investors, what could be bad?
Explain what operating leverage, ROE, EVA are and how they measure performance. Pick another performance measure of your choice and explain it as well.
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $122,000.
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