Problem #1
What is the difference between a taxable entity and a conduit
entity?
Problem #2
What are the two basic methods of accounting that may be used by
taxpayers? How do the two basic methods differ?
Answer:-
Problem 1:-
Taxable entities must pay a tax based on their taxable income.
Conduit entity is one which the tax attributes of the entity flow through the owners .
Problem 2 :-
Two basic methods
1)cash method
2)accrual method
The basic difference between two methods is the criteria used to determine the timing of the recognition of income and expenses.
Problem #1 What is the difference between a taxable entity and a conduit entity? Problem #2...
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