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When can the corporation deduct the expense and why

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Reference no: EM132692102

Timing Is Everything

A self-employed attorney, who is a cash-basis taxpayer, performs work for a corporation, which is an accrual-basis taxpayer, and which is owned 100% by the attorney's adult children.

Problem 1: Assuming the attorney and the corporation both use calendar years, when can the corporation deduct the expense if payment is made in the next year? Why?

Reference no: EM132692102

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