ACCUMULATED ADJUSTMENT ACCOUNT (AAA) under Section 1368(e)(1) of the IRS Code provides that the term 'accumulated adjustment account' (AAA) means an account of the S corporation which is adjusted for the S period in a manner similar to the adjustments under 1367 (except that no adjustment shall be made for income (and related expenses) which is exempt from tax under title 26 and the phrase '(but not below)' shall be disregarded in 1367(b)(2)(A)) and no adjustment shall be made for Federal taxes attributable to any taxable year in which the corporation was a C corporation.
SUCCESSOR AUDITOR is the auditor of a client for the current year when that client had another auditor in prior years. The auditor who no longer audits that client is the predecessor auditor.
COOKIE JAR RESERVES is an overly aggressive accrual of operating expenses and the creation of liability accounts done in an effort to reduce future year operating expenses.
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