If an Account Receivable Written Off During a Prior Year

question 74

True/False

If an account receivable written off during a prior year is subsequently collected during the current year, the amount collected must be included in the gross income of the current year to the extent it created a tax benefit in the prior year.

---

Definitions:

Attachment

An emotional bond that forms between individuals, typically between a child and caregiver, influencing personal development and emotional connections in adulthood.

Ambivalent

Mixed feelings or contradictory attitudes towards something or someone.

Avoidant

Relating to or indicative of a personality trait or behavior characterized by a tendency to withdraw from or avoid emotional intimacy.

Secure

Characterized by safety or the state of being free from danger or threat, often used in the context of cyber security or emotional stability.