2010 CCH Comp Topics Ch13 - Click to edit Master subtitle...

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Unformatted text preview: Click to edit Master subtitle style CCH Federal Taxation Comprehensive Topics Chapter 13 Tax Accounting 2009 CCH. All Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com CCH Federal Taxation Comprehensive Topics 22 of 71 Chapter 13, Exhibit Contents A Chapter 13 Exhibits 1. Tax Year Period 2. Short Tax Year 3. Tax Year 4. Tax Year Example 5. Tax Year Individuals 6. Tax Year Proprietorships 7. Tax Year Partnerships 8. Tax Year C Corporations 9. Tax Year Personal Service Corporations 10. Tax Year S Corporations 11. Tax Year- Estates 12. Tax Year- Trusts 13. Tax Year IRS Permission to Change 14. Accounting Methods CCH Federal Taxation Comprehensive Topics 33 of 71 Chapter 13, Exhibit Contents A Chapter 13 Exhibits 15. Cash Method 16. Cash Method and the Economic Benefit Doctrine 17. Cash Method and the Constructive Receipt Doctrine 18. Cash Method and the Assignment of Income Doctrine 19. Cash Method and the Tax Benefit Doctrine 20. Accrual Method 21. Accrual Method and the All Events Doctrine 22. Accrual Method and the Claim Of Right Doctrine 23. Prepaid Income for Services 24. Prepaid Income for Inventory 25. Prepaid Rental Income and Expense 26. Prepaid Subscription Income 27. Prepaid Membership Fees 28. Prepaid Interest Expense CCH Federal Taxation Comprehensive Topics 44 of 71 Chapter 13 Exhibits Chapter 13, Exhibit Contents C 29. Hybrid Method 30. Accounting Methods Individuals 31. Accounting Methods Corporations 32. Accounting Methods Partnerships 33. Accounting Methodsl Estates 34. Accounting Methodsl Trusts 35. Inventory Cost Reporting 36. Inventory Special Rules for LIFO Cost Reporting 37. Inventory Special Rules for Purchased Merchandise 38. Inventory Special Rules for Manufactured Products 39. Inventory UNICAP Cost Classifications 40. Long-Term Contracts CCH Federal Taxation Comprehensive Topics 55 of 71 Tax Year Period 12-Month Period Generally, a tax year may not exceed 12 calendar months. 52- to 53-Week Period If certain requirements are met under Code Sec. 441(f), a taxpayer may elect to use an annual period that varies from 52 to 53 weeks. In that case, the year-end must always fall on the same day of the week, such as the last Tuesday of December. A retail business may wish to have its tax years end always on Sundays so that it can conduct year-end physical inventory counts without interrupting business operations. Chapter 13, Exhibit CCH Federal Taxation Comprehensive Topics 66 of 71 Short Tax Year Definition A short tax year is a period of less than 12 calendar months. Factors Causing Short Tax Years Short tax years may arise from one of several factors, including: 1. Initial income tax return 2. Final income tax return 3. Change in tax year Annualizing Income Only a change in tax year (#3 above) requires annualizing income....
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2010 CCH Comp Topics Ch13 - Click to edit Master subtitle...

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