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Question: What options are available to an S Corporation for accounting period choices and accounting methods? Why would you select one versus other alternatives?
According to Publication 538 of the Internal Revenue Service (http://www.irs.gov/publications/p538/ar02.html) the following discussions governs how a partnership should choose its accounting period and accounting methods:
1. Accounting period
a. Should be similar to the partners' tax years. In case ...
This solution discusses the rules governing the selection of partnership accounting methods and periods. The explanation refers to Publication 538 of the internal Revenue Service and addresses concepts such as tax years, partners, interest, accounting periods,income and expenses. The discussion is given in point form. The answer is provided in 271 words.