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TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 15) A taxpayer may use the FIFO or average cost
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 15) A taxpayer may use the FIFO or average cost methods for financial statement purposes, while using the LIFO method for tax purposes. 15) 16) The straight-line method may be elected for depreciating tangible personal property placed in service after 1986. 16) 17) If a company acquires goodwill in connection with the acquisition of a business, the goodwill is amortizable over a 60-month period. 17) 18) The installment sale method may be used on the sale of property at a loss. 18) 19) Section 179 allows taxpayers to immediately expense up to $1,050,000 for 2021 of the cost of real and personal property placed into service in a trade or business, subject to limitations. 19) 20) An improper election to use a fiscal year automatically places the taxpayer on the calendar year. 20)
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