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Author Question: Which of the following statements regarding UNICAP isincorrect? (Read 70 times)

jho37

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on: Sep 13, 2020

Question 1

Under UNICAP, all of the following overhead costs are included in inventory except
◦ factory utilities, rent, insurance and depreciation.
◦ officers' salaries related to production and factory administration.
◦ research and experimentation.
◦ factory payroll, purchasing and warehouse costs.

Question 2

Which of the following statements regarding UNICAP is incorrect?
◦ The UNICAP rules result in more costs being included in inventory for tax purposes than for financial accounting.
◦ Taxpayers with gross receipts averaging more than $10,000,000 or more for the prior three years must apply the UNICAP provisions.
◦ Interest must be included in inventory if the property produced is real property or long-lived property.
◦ UNICAP requires that advertising and selling costs be allocated between inventory and cost of sales.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by jho37 on Sep 13, 2020

234sdffa

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Reply #1 on: Sep 13, 2020
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jho37

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Reply 2 on: Sep 13, 2020
Wow, this really help

Alyson.hiatt@yahoo.com

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Reply 3 on: Yesterday
Excellent

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