Blue waters, a calendar year-end partnership, uses the cash method of accounting and accounts for inventory as
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Blue waters, a calendar year-end partnership, uses the cash method of accounting and accounts for inventory as noninceidental materials and supplies. On December 23m year 1, Blue Waters signed a contact to purchase $10,000 of shingles that were used on January, Year 2. Blue Waters paid $6,000 upon signing the contact and the balance on January 5, Year 2. How much of the inventory can Blue Waters deduct in Year 1?
Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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