Cash Method of Accounting definition

Cash Method of Accounting means a method of accounting where revenues are recognized only when cash is received, and expenditures for expense and asset items are not recorded until cash is disbursed for them.
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Cash Method of Accounting means a method of accounting in which revenues are recorded when cash is received, and expenditures for expense and asset items are not recorded until cash is disbursed for those expenditures and assets.
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Cash Method of Accounting means a method of accounting in which (i) the Gross Proceeds for a month shall be the net amount recognized and recorded during such month in El Paso's ledgers for sales of Oil and Gas produced from the relevant xxxxx and (ii) the Production Costs for a month shall be the net amount paid or charged to the relevant xxxxx by El Paso and recorded during such month in El Paso's ledgers. Accordingly, by way of example only, sales of January production of Oil and Gas will normally be used to determine Gross Proceeds for the month of March.
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Examples of Cash Method of Accounting in a sentence

  • IRS 2001 Publication No. 538, Cash Method of Accounting for Qualifying Taxpayers, can be found on the web at World Wide Web Tax by scrolling down the page to IRS Form 538.

  • General Company Information EIN: Click here to enter text.Accrual or Cash Method of Accounting: Choose an item.

  • The prescribed method of accounting shall be the Cash Method of Accounting.

  • Section 448(d)(2)(A).-Limitation on Use of Cash Method of Accounting; Qualified Personal Service Corporation.-Whether 95 percent or more of the time spent by employees of the corporation, serving in their capacity as such, is devoted to the performance of services within the meaning of § 1.448-1T(e)(4)(i).

  • For this purpose, the Employer shall take into account any other such Eligible Deferred Compensation Plan maintained by the Employer and shall also take into account any other such Eligible Deferred Compensation Plan for which the Employer receives from the Participant sufficient information concerning his or her participation in such other plan.4.5 Cash Method of Accounting.

  • See, however, Cash Method of Accounting for Qualifying Taxpayers, later.

  • Effective Date The proposal applies to property placed in service after the date of enactment.D. Expand Eligibility for Cash Method of Accounting Present LawSection 446(c) of the Code generally allows a taxpayer to select the method of accounting it will use to compute its taxable income provided that such method clearly reflects the income of the taxpayer.

  • Fortaxable years beginning in 2020, the$2,500 maximum deduction for interest paid on qualified education loans under§ 221 begins to phase out under § 221(b) (2)(B) for taxpayers with modified ad- justed gross income in excess of $70,000 ($140,000 for joint returns), and is com- pletely phased out for taxpayers with mod- ified adjusted gross income of $85,000 or more ($170,000 or more for joint returns)..31 Limitation on Use of Cash Method of Accounting.

  • Undercounting for your purchases and sales.not yet have title.this method, you establish multiple inventoryHowever, see Cash Method of Accounting for pools in general categories from appropriateQualifying Taxpayers, earlier.

  • For certain businesses with not more than $25 million in average annual gross receipts (indexed for inflation), the following accounting simplifications apply: • Cash Method of Accounting.


More Definitions of Cash Method of Accounting

Cash Method of Accounting means a method of accounting in which revenues are recorded when cash is
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Cash Method of Accounting means a method of accounting which recognizes revenues only when cash is received, and expenditures only when cash is disbursed.
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Cash Method of Accounting means, for purposes of this chapter, that the timing of reporting sales, and remitting sales tax due thereon, may correspond to the seller's receipt of cash as consideration.
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Cash Method of Accounting means a method of accounting in which (i) the Gross Proceeds for a Month shall be the net amount recognized and recorded by COC during such Month in COC’s ledgers for sales of Hydrocarbon Production from the Subject Properties included in a Tranche and (ii) the Production Costs for a Month shall be the amount paid or charged to the Subject Properties included in a Tranche by COC and recorded during such Month in the COC’s ledgers for operating the Subject Properties, all such proceeds and costs being determined in accordance with Exhibit B attached hereto. Accordingly, by way of example only, sales of January production of Hydrocarbon Production will normally be used to determine Gross Proceeds for the Month of March if the proceeds of such sales are received in March. No Gross Proceeds nor Production Costs for a Subject Property shall be recognized for Production Month Proceeds accrued prior to the Effective Date for such Subject Property. “Contract Area” means the geographic area encompassing portions in Brazos Blocks 440/478/479, Brazos (Matagorda) County, Texas, as further described in Exhibit A attached hereto, as may be amended from time to time by mutual agreement of COC and Domain.
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Related to Cash Method of Accounting

  • Automated Message Accounting (AMA means the structure that is inherent in switch technology that initially records Telecommunication message information. AMA format is contained in the Automated Message Accounting document published by iconectiv (formerly known as Telcordia) as GR-1100-CORE, which defines and amends the industry standard for message recording.

  • discretionary use means the use of land or a building provided for in this Bylaw for which a development permit may be issued upon an application having been made;

  • Request for an accounting means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably identifying the transaction or relationship that is the subject of the request.

  • Annual Accounting Period or “Financial Year” means the period commence on 1st July and shall end on 30th June of the succeeding calendar year.

  • Accounting Year means the financial year commencing from the first day of April of any calendar year and ending on the thirty-first day of March of the next calendar year;

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Central Automatic Message Accounting (CAMA) Trunk means a trunk that uses Multi-Frequency (MF) signaling to transmit calls from CLEC’s switch to an AT&T-21STATE E911 Selective Router.

  • Eligible Compensation means (i) for eligible exempt employees, such employee’s base salary at the time the Bonus or Spot Bonus is determined (prorated for time in an eligible position), and (ii) for eligible non-exempt and non-union hourly employees, such employees’ eligible wages for the applicable year as determined by the Company to be required by law.

  • Safe Harbor has the meaning set forth in Section 10.2(d).

  • Annual Accounts means the accounts of the licensee prepared in accordance with the provisions of the Companies Act, 1956 and/or in such other manner as may be directed by the Commission in terms of the provisions of the Act;

  • Matching Contribution means Employer contributions made to this Plan or any other defined contribution plan by reason of Thrift Contributions or Elective Deferrals under this Plan.

  • Eligible revenue means the property tax increment and any