T Is Switching Accounting Methods This Year

question 61

Multiple Choice

T is switching accounting methods this year.Which of the following statements is true?

• A)Assuming T initiates the change, any adjustment normally will be accounted for in the year of the change.
• B)Assuming the IRS initiates the change, any adjustment normally will be accounted for in the year of the change.
• C)There are no special tax consequences arising from a change in accounting method as long as the taxpayer is switching from one permissible method to another.
• D)None of the above

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Definitions:

Torsional Vibrations

Oscillations of an object in a rotational manner around its axis due to alternating torque or twisting forces.

U-joint Working Angles

The operational angles at which universal joints efficiently transfer rotational power between shafts.

Full Rotation

The movement of an object in a circular path, completing 360 degrees around an axis.

PTO Driveshafts

PTO driveshafts, short for Power Take-Off driveshafts, are components used to transfer mechanical power from a vehicle, like a tractor, to another piece of equipment or machinery.