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Jkl inc and matthew inc enter into a business

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JKL Inc. and Matthew Inc. enter into a business transaction. The two corporations are related parties for tax purposes. Which of the following statements is true?

  • JKL and Matthew must account for the transaction using the same method of accounting.
  • The IRS has the right to reallocate income from the transaction to prevent distortion.
  • The cash method of accounting must be used to account for such transactions.
  • JKL and Matthew must request permission from the IRS to engage in the related party transaction.

Reference no: EM13583605

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