If a Taxpayer's Method of Accounting Does Not Clearly Reflect

question 5

True/False

If a taxpayer's method of accounting does not clearly reflect income,the IRS may specify a different accounting method which must be used by the taxpayer.

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Definitions:

Land Adjacent

Property that is next to or bordering another property.

Future Interest

A person’s present right to property ownership and possession in the future.

Present Right

The current legal ability to exercise a right or claim to property, as opposed to a future or conditional interest.

Property Ownership

The legal right to possess, use, and dispose of real estate or personal property.