For 2016, Essence Company, a calendar year taxpayer, will change from using the cash method for tax
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Accounts receivable ..............$200,000
Accounts payable ..................135,000
Bank loan........................... 100,000
What is the § 481(a) adjustment for this change in accounting method? Be sure to state whether it is positive or negative.
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Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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