A short tax year is any tax year of less than 12 calendar months T/F

In the case of an installment sale of real property, an excess of the seller’s liabilities assumed by the buyer over the seller’s basis in the property is added to the contract price and to the collections received in the year of sale. T/F

Upon the initial adoption of a method of accounting, an election is made to use a particular method by filing a tax return in the year the method is first used. T/F

A corporation whose principal business is retail sales generally must use a calendar year to report its income. T/F