Question: In the year that a business changes its accounting method, it must make an adjustment to taxable income that represents the difference for the amount

In the year that a business changes its accounting method, it must make an adjustment to taxable income that represents the difference for the amount that would have been taxed or deducted in prior years. If the adjustment increases taxable income, the taxpayer includes

%

of the addition in the current year. If the adjustment decreases taxable income, the taxpayer includes

%

of the deduction in the current year.

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