Methods of Accounting. (1) Except as provided in section 3.09(2) of this revenue procedure, the Service will not enter into a PFA for issues relating to a change in method of accounting. In applying the law to the facts, or establishing the facts, a change in the overall plan of accounting for gross income or deductions from the treatment of such items in prior taxable years, or a change in the treatment of any item that involves the proper time for the inclusion of an item or the taking of an item as a deduction from the treatment of such item in prior taxable years generally may be a change in method of accounting. A PFA may not be used to change a taxpayer’s method of accounting.
Methods of Accounting. (a) The Company shall cause to be prepared with respect to each Fiscal Year financial statements based on GAAP.
Methods of Accounting. (1) A PFA may not be used to obtain consent to change a taxpayer's method of accounting. Section 3.09(2) of this revenue procedure provides when the Service may enter into a PFA for issues relating to a change in method of accounting. Section 3.09(3) of this revenue procedure provides what change in accounting method issues may be addressed in a PFA. A change in method of accounting generally includes a change in an overall plan of accounting or a change in the treatment of any material item, which is any item that involves the proper time for the inclusion of the item in income or the taking of the item as a deduction, or both. See Rev. Proc. 2015-13, section 2.
Methods of Accounting. All income tax and financial reports and returns of the Company shall be prepared on an accounting basis approved by the Managers. All elections with respect to tax matters to be made by or for the Company shall be made by the Tax Matters Member.
Methods of Accounting. Notwithstanding anything herein to the contrary, SpinCo shall not make or cause to be made a change in method of accounting for U.S. federal, state, local or non-U.S. tax purposes with respect to a Pre-Distribution Tax Period or a Straddle Period without the prior written consent of RemainCo (not to be unreasonably withheld, conditioned or delayed) other than with respect to Taxes reflected (or to be reflected) exclusively on a SpinCo Separate Tax Return.
Methods of Accounting. The transactions affecting the Partners’ Capital Accounts may be accounted under any of the following methods- The Copyright of these notes is with CA. Xxxxx Xxxx Aspects Fluctuating Capital Method Fixed Capital Method Ledger A/cs prepared Partner’s Capital Account. 1. Partner’s Capital Account, and 2. Partner’s Current Account. Initial Capital contribution Xxxxxx brought in or contribution is credited to the Partner’s Capital A/c Amount brought in or contributed is credited to the Partners’ Capital A/c Subsequent transactions Subsequent transactions are accounted in Partner’s Capital Account Subsequent transactions are accounted in Partner’s Current Account FORMAT OF PARTNER’S CAPITAL ACCOUNT Particulars A B C Particulars A B C To Cash/Bank ( Withdrawal of capital, if any) To Balance c/d By Balance b/d By Cash/ Bank/ Assets (Capital Contribution) Total Total FORMAT OF PARTNER’S CURRENT ACCOUNT Particulars A B C Particulars A B C To Balance b/d To Drawings A/c To P&L A/c - Share of Loss To Profit & Loss Appropriation -Interest on Drawings, if any To Balance c/d By Balance b/d By Profit & Loss Appropriation -Remuneration/ Salary/Comm. -Interest on Capital -Share of Profit By Balance c/d Total Total Note: If Capital Accounts are maintained on Fluctuating basis, all the above entries will be made in one single Capital Account only. There will not be any Current Account PROFIT & LOSS APPROPRIATION ACCOUNT
Methods of Accounting. All financial reports of the Company shall be prepared in accordance with GAAP consistently applied. All elections with respect to tax matters to be made by or for the Company shall be made by the TMM.
Methods of Accounting. (a) The Company shall cause to be --------------------- prepared with respect to each Fiscal Year financial statements based on GAAP (the "GAAP Financial Statements"). To the extent that any Owner shall require ------------------------- that the GAAP Financial Statements be reconciled to such Owner's system of accounts, the same shall be at such Owner's sole cost and expense.
Methods of Accounting. 24 6.3 Accountants.................................................................. 24 6.4
Methods of Accounting. All annual income tax and financial reports and returns of the Company shall be prepared in accordance with GAAP consistently applied. Interim reports shall be prepared on an accrual basis. All elections with respect to tax matters to be made by or for the Company shall be made by the Tax Matters Member.
