Limited Liability Companies: Eligibility for Cash Accounting (Third of three parts)

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1993-07-23
Authors
Harl, Neil
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Abstract

For farm operations, which historically have been permitted to use the cash method of accounting even though inventories are a material income determining factor, a major concern with limited liability companies (LLCs) is whether the cash method of accounting is available to such entities. At the moment, a substantial question exists about eligibility for cash accounting, particularly if LLC members are viewed as limited partners in the event the LLC is classified as a partnership for federal income tax purposes.

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