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Daisy Corporation, a calendar year accrual method taxpayer, manufactures and sells life - like plastic flowers A . Daisy is sued by a customer, Catherine,
Daisy Corporation, a calendar year accrual method taxpayer, manufactures and sells lifelike plastic flowers
A Daisy is sued by a customer, Catherine, who is injured in when she slips and falls on Daisy Corporation's sidewalk. Daisy Corporation settles the lawsuit in by agreeing to pay Catherine $ The $ payment is made to Catherine in in which year is the $ deductible in Daisy Corporation's return? Please explain.
B Daisy offers to refund the price of a flower to a purchaser not satisfied with their flower During purchasers request a refund of the $ purchase price. Daisy refunds$ on June and $ on November Daisy timely files its federal income tax return for each taxable year on the extended due date for the return. Daisy adopted the recurring item exception with respect to refunds. Explain when the$ refund is deductible by Daisy.
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