If an Accrual Basis Taxpayer Receives a Prepayment of Rent

question 44

True/False

If an accrual basis taxpayer receives a prepayment of rent income, the receipt results in an unfavorable temporary book/tax difference.

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Definitions:

Cognitive-Behavioral Therapies

A group of psychotherapeutic approaches that treat problems by modifying dysfunctional emotions, behaviors, and thoughts.

Schizophrenia

A severe mental disorder characterized by delusions, hallucinations, disorganized speech, and impaired cognitive function.

Electroconvulsive Therapy (ECT)

Form of biomedical therapy to treat severe depression in which electrodes are placed on either one or both sides of a person’s head and an electric current is passed through the electrodes that is strong enough to cause a seizure or convulsion.

Schizophrenia

A long-term mental disorder involving a breakdown in the relation between thought, emotion, and behavior, leading to faulty perception, inappropriate actions and feelings, withdrawal from reality and personal relationships into fantasy and delusion, and a sense of mental fragmentation.