Multiple Choice
Prior Corp.plans to change its method of accounting for supplies.Both the old and new methods are acceptable.Which of the following statements is correct regarding the change?
A) The taxpayer will need to amend prior returns to reflect the new method.
B) The taxpayer will report the full amount of change in the current tax return.
C) The taxpayer will report the net adjustment over four years.
D) The taxpayer will report the net adjustment and pay the tax when it files the Form 3115.
Correct Answer:
Verified
Correct Answer:
Verified
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