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nder simplified tax accounting proposed regulations issued on July 30, 2020, which is FALSE for small business taxpayers (other than tax shelters)? Cash method of
nder simplified tax accounting proposed regulations issued on July 30, 2020, which is FALSE for small business taxpayers (other than tax shelters)?
Cash method of accounting may be used.
Uniform capitalization rules (UNICAP) are not required.
Inventory costs may be claimed as non-incidental materials and supplies, the earlier of when paid or when the item is sold.
Personal income is excluded from gross receipts.
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