1.446 reguires the use of the accrual method of accounting for purchases and sales where a taxpayer maintains inventories. p. ... 3-6 and 3-7 9. Reg. Sec. 1.451-2 (a) provides: Income although not actually reduced to the taxpayera#39;s possession is ... In financial accounting, advance payments of income that are received from customers are classified as unearned income and as a liability to the customer.
|Title||:||Solutions manual to accompany 1990 annual edition, West's Federal taxation--comprehensive volume|
|Author||:||William H. Hoffman, Eugene Willis|