Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Zucchini Corp discovered that their tax return from 2023 is not correct. The tax staff working on their inventory calculation messed up the excel formula

Zucchini Corp discovered that their tax return from 2023 is not correct. The tax staff working on their inventory calculation messed up the excel formula and only included 11 of the raw materials elements rather than 14 in the total. The excel formula properly included all 14 of the elements in Work in Process and Finished Goods. Zucchini Corp would like to take the position that this is not an accounting method change. Which of the following is the most likely true statement? Group of answer choices Zucchini Corporation is not required to file a Form 3115 because this is a change in the character of the item Zucchini Corporation is not required to file a Form 3115 because this is a change in facts Zucchini Corporation is not required to file a Form 3115 because they can blame the mistake on the staff person. Zucchini Corporation is not required to file a Form 3115 because this was an error Zucchini Corporation is required to file a Form 3115 to change its method of accounting

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting What The Numbers Mean

Authors: David Marshall, Wayne McManus, Daniel Viele

10th Edition

77729870, 9780077729875

More Books

Students also viewed these Accounting questions

Question

The fear of making a fool of oneself

Answered: 1 week ago

Question

Annoyance about a statement that has been made by somebody

Answered: 1 week ago