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Preparation of tax returns

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Reference no: EM132463144

Question 1: When is it permissible to use estimated amounts in the preparation of tax returns?

Option A) When the taxpayer's records do not accurately reflect information related to small expenditures.

Option B) Unless prohibited by statute or rule. when it is not practical to obtain the exact data. the taxpayer's estimate of the amount may be used.

Option C) Fire or computer failure has destroyed the records.

Option D) Use of estimates is permitted for all of the above reasons.

Reference no: EM132463144

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