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Business/Tax Research Assignment

Essay specific features

 

Issue:

Miscellaneous

 

Written by:

Steve R

 

Date added:

November 26, 2013

 

Level:

University

 

Grade:

B

 

No of pages / words:

4 / 948

 

Was viewed:

584 times

 

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Essay content:

( Rev. Proc. 2001-10,2001-1 CB 272) 2. For the tax year 2004, is SK eligible to switch from the accrual to cash method of accounting under Rev. Proc. 2002-28? This revenue procedure applies to a qualifying small business taxpayer as defined in section 5.01 with average gross receipts of $10,000,000 or less that is not prohibited from using cash method under Section 448...
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Since SK's average gross receipts for 2004 is less than 10,000,000 therefore SK is eligible to switch from the accrual to cash method of accounting. . (Rev. Proc. 2002-28, 2001-1 CB 815-5.01) 3. SK has on hand a large quantity of "funeral linens" that are used to prepare its clients for viewing, and are not re-used...
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