Business/Tax Research Assignment
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Title: Business/Tax Research Assignment

Essay Details:

Subject: Miscellaneous
Author: Eli B
Date: February 15, 2014
Level: University
Grade: A
Length: 4 / 948

Essay text:

( Rev. Proc. 2001-10,2001-1 CB 272) 2. For the tax year 2004, is SK eligible to switch from the accrual to cash method of accounting under Rev. Proc. 2002-28? This revenue procedure applies to a qualifying small business taxpayer as defined in section 5.01 with average gross receipts of $10,000,000 or less that is not prohibited from using cash method under Section 448. Since SK's average gross receipts for 2004 is less than 10,000,000 therefore SK is eligible to switch from the accrual to cash method of accounting. . (Rev. Proc. 2002-28, 2001-1 CB 815-5.01) 3. SK has on hand a large quantity of "funeral linens" that are used to prepare its clients for viewing, and are not re-used...

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