What Form Is Used by a U

question 60

Multiple Choice

What form is used by a U.S. corporation to "check the box" to elect the U.S. tax consequences of forming a hybrid entity outside the United States?

• A)Form 1118
• B)Form 1120
• C)Form 8832
• D)Form 8833

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Definitions:

Periodic Inventory System

An inventory system that updates inventory balances after a set period by taking a physical inventory count.

First-In, First-Out (FIFO)

An inventory valuation method that assumes the first items placed into inventory are the first sold, affecting the cost of goods sold and inventory value.

Perpetual Inventory System

This inventory accounting technique immediately logs purchases or sales of inventory via computerized point-of-sale systems and enterprise asset management software.

Ending Inventory

The price of commodities accessible for purchase following the conclusion of an accounting session.