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Author Question: Which of the following statements regarding UNICAP isincorrect? (Read 29 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
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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jho37

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

xthemafja

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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