dentify which Accounting Periods & Methods Tax Statement are True or False Points paid on a mortgage to buy a personal residence are deductible in the year paid. Answer 1 Generally, an income tax return covers an accounting period of 12 months. Answer 2 The uniform capitalization rules (UNICAP) require the capitalization of some overhead costs that are expensed for financial accounting purposes. Answer 3 All C corporations can elect a tax year other than a calendar year. Answer 4 A taxpayer's tax year must coincide with the year used to keep the taxpayer's books and records. Answer 5 Melonie, a single taxpayer, died on July 31, 2018. Her final income tax return (ignoring extensions) is due November 15, 2018. Answer 6 A partnership must generally use the same tax year as that of its principal partners. Answer 7 A partnership must generally use the same tax year of the partners who own the majority of partnership income and capital