Multiple Choice
Which of the following statements regarding UNICAP is incorrect?
A) The UNICAP rules result in more costs being included in inventory for tax purposes than for financial accounting.
B) Taxpayers with gross receipts averaging more than $26,000,000 or more for the prior three years must apply the UNICAP provisions.
C) Interest must be included in inventory if the property produced is real property or long-lived property.
D) UNICAP requires that advertising and selling costs be allocated between inventory and cost of sales.
Correct Answer:
Verified
Correct Answer:
Verified
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