9.Frank has consistently used the cash method to report income from services. Because the accrual method will result in a better measure of income, he
9.Frank has consistently used the cash method to report income from services. Because the accrual method will result in a better measure of income, he can change to the accrual method without seeking permission from the IRS. T/F
A taxpayer who owns two businesses must use the same accounting method for both businesses. T/F
Kevin is a 25% partner in the KLM partnership. His basis at the beginning of the tax year is $26,000. He withdrew $15,000 cash from the partnership during the year. The partnership reported ordinary income of $16,000 for the year. Kevin will report $4,000 income from the partnership on his individual income tax return. T/F
For purposes of determining the partnerships tax year, there may be more than one principal partner. T/F
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