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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.
On January 1, 2005, Solomon Company purchased the following two machines for use in its production process. Calculate the amount of depreciation expense that Solomon should record for machine B each year of its useful life under the following assum..
Write the appropriate audit report, assuming you believe the departure from GAAP is material but not enough to cause you to give an adverse opinion.
What type of costing method is used by Crystal Glass? Does the method comply with GAAP? If not, what costing method should be used? What would net income be? Could the statements be misleading to the bank? Why or why not?
Explain the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).
The committee which is responsible for holding hearings on tax legislation for the House of Representatives is the
When normalizing operating results, non-recurring expenses that are reported within SG&A, CGS or other expense line items on a company's income statement:
If the manager of the Eastern Division is evaluated on return on investment alone, will the manager invest in the new project? Explain.
Examine Target for the years 2004-2006 and compare to Walmart. Comment on the relative liquidity and efficiency these firms. How does Target compare to Walmart? Would you invest in this company?
Which of the following is an example of a variable cost?
Draw Jim's budget line (throughout, please put coffee on the vertical axis)-Use a budget line-indifference curve map analysis to explain which pricing scheme Jim prefers.
Do an Internet search to identify the types of games and business simulations that are available. Select one and provide a description and an analysis of it. Discuss the learning content objectives.
Green Lawn Chemical company sells lawn and garden chemicals through several hundred garden suppy stores and department store garden shops. Assume Green Lawn shipped goods costing Green Lawn $8400 and with a wholesale price (i.e. price to the retai..
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