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Basis of Accounting

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    Basis of Accounting

    C Corp on accrual basis of accounting has a fiscal year end September 30th. C Corp is 100% owned by "Mr. Smith."

    Smith wants to establish an SMLLC and chooses a proprietorship whereby to report profits/losses from the SMLLC. The SMLLC has numerous transactions with his C Corp. In general, a proprietorship must be on a cash basis with a calendar year end.

    Can the SMLLC choose to report on an accrual basis under these circumstances?

    #2
    A SMLLC Sch C can choose to be accrual under any circumstances.

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