Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. which of the following statements is false?

Which of the following statements is false? ...

90.2K

Verified Solution

Question

Accounting

Which of the following statements is false?

A.

Generally, subject to a few exceptions, taxpayers who perform long term construction contracts to construct real estate may choose between the completed contract-method of accounting or the percentage of completion method for tax accounting for long-term construction contracts.

B.

Generally, the tax code requires the use of the percentage of completion method of accounting and blocks the use of the completed contract method for construction contracts that cannot be completed within one year.

C.

The tax code allows the use of the completed-contract method of accounting for long-term construction contracts by taxpayers whose average annual gross receipts do not exceed $10 million. and where the contract is expected to be completed within two years from the commencement date.

D.

B & C are both false.

E.

A & C are both false.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Electrical Engineering
1.2K views

B) Write a program to find the sum of the values ​​A5H, 69H, E2H and CCH....

Physics
1.2K views

4 Stretching a Spring If a force of 80 N is required to hold a...

Geometry
1.2K views

What value of x makes ACATABOY C 4x 5 O A 5 OB 7 C...

Basic Math
1.2K views

6 A restaurant is building a new addition that has a rectangular seating area with...

Basic Math
1.2K views

De Select one Dg One variable Statistics Question 4 Jamal calculates the mean and standard...

Basic Math
1.2K views

A 16 ft ladder leans against a wall. The bottom of the ladder is 3...

Algebra
1.2K views

During batting practice two pop flies are hit from the same location 2 s apart...

Algebra
1.2K views

Solve the following compound inequality.-3x6-x+2<-3x+6Give your answer in interval notation. For example, if you found...

Accounting
1.2K views

Parent Company purchased 80% of the outstanding stock of Subsidiary Company on January 1, 2024,...

Accounting
1.2K views

Why would a company want to lower sales or lower net income? Explain. Higher sales...

Accounting
1.2K views

This problem is based on the transactions for the Green Initiatives Company in your text....

Accounting
1.2K views

For an audit: If client is public instead of private, what additional factors might influence...