What should be entered as the Gross Sales of Inventory, Less Returns, And Allowances in Form 990-PF?
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Last modified 9/25/2020 6:18:30 AM EST |
Added by ExpressTaxExempt Team
The revenue obtained from the sales of the goods without deducting the returns, allowances, and discounts should be entered as the Gross Sales of Inventory, Less Returns, And Allowances.
The revenue of sales before deducting the sales returns, sales allowances, and sales discounts are considered as Gross Sales.