2007 CCH Comp Topics Ch 13 - CCH Federal Taxation...

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Unformatted text preview: CCH Federal Taxation Comprehensive Topics Chapter 13 Tax Accounting 2006, CCH, a Wolters Kluwer business 4025 W. Peterson Ave. Chicago, IL 60646-6085 800 248 3248 www.CCHGroup.com CCH Federal Taxation Comprehensive Topics 2 of 70 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 15. Cash Method 16. Cash Method and the Economic Benefit Doctrine 17. Cash Method and the Constructive Receipts Doctrine 18. Cash Method and the Assignment of Income Doctrine 19. Cash Method and the Tax Benefit Doctrine CCH Federal Taxation Comprehensive Topics 3 of 70 Chapter 13 Exhibits Chapter 12, Exhibit Contents B 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 29. Hybrid Method 30. Accounting Methods Individuals 31. Accounting Methods Corporations 32. Accounting Methods Partnerships 33. Accounting Methods Estates 34. Accounting Methods 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 4 of 70 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 1 CCH Federal Taxation Comprehensive Topics 5 of 70 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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This note was uploaded on 09/11/2011 for the course ACCOUNTING 323 taught by Professor None during the Spring '10 term at Prince George's Community College, Largo.

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2007 CCH Comp Topics Ch 13 - CCH Federal Taxation...

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