Question

Problem #1 What is the difference between a taxable entity and a conduit entity? Problem #2...

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?

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Answer #1

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.

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