Answered: Which of the following refunds is not…

Which of the following refunds is not subject to income tax a, Local tax expense b.Special assessment c.Foreign tax previously claimed as deduction d.Previously claimed bad debt expense

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 1MCQ: The definition of gross income in the tax law is: All items specifically listed as income in the tax...

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Question

Which of the following refunds is not subject to income tax

a, Local tax expense

b.Special assessment

c.Foreign tax previously claimed as deduction

d.Previously claimed bad debt expense

Definition Definition Receivable amount that a company is owed, but did not receive, and which may not be receivable in future.

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