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Accounting Method |
Also found in: Wikipedia | 0.20 sec. |
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Accounting Method In terms of taxation, the method by which income and expenses are determined for taxation purposes. Notes: The two major methods in North America are cash and accrual accounting. |
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? Mentioned in | ? References in periodicals archive | |
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It
also states that although an accounting method may exist without a
pattern of consistent treatment of an item, in most instances,
consistent treatment of such item will be considered an accounting
method. On behalf of Tax Executives Institute (TEI), I am writing to urge
that the Last-In, First-Out (LIFO) inventory accounting method be
retained as part of the Internal Revenue Code. The IRS audited the 1996 and 1997 returns and issued a deficiency
notice, asserting Brookshire had to reduce its MACRS deductions for
those years because it had changed its accounting method without
obtaining prior consent. |
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