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.

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Definitions:

Physical Facilities

The tangible, physical assets and infrastructure of an organization, including buildings, equipment, and grounds.

Viability

A measure of whether a project, business, or concept can sustain itself and succeed in the long-term.

Skilled Workforce

A labor pool consisting of workers who have specialized training, knowledge, and abilities in their respective fields.

HR Managers

Professionals responsible for overseeing employee-related functions such as hiring, training, and benefits in an organization.