Question
XYZ Corp is owned 100% by ABC LLC. XYZ Corp is an accrual basis taxpayer and in December 2020, accrues a payment of $10,000 to
XYZ Corp is owned 100% by ABC LLC. XYZ Corp is an accrual basis taxpayer and in December 2020, accrues a payment of $10,000 to ABC, an accrual basis taxpayer. XYZ makes the payment in January 2021. XYZ will be able to recognize the $10,000 deduction in 2020.
TRUE
FALSE
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Digging For Disclosure Tactics For Protecting Your Firms Assets From Swindlers, Scammers, And Imposters
Authors: Kenneth S. Springer, Joelle Scott
1st Edition
0131385569, 9780131385566
