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:

Polymer

Large molecules composed of repeated subunits, which may be identical or different, known as monomers.

Dimer

An association of two monomers (e.g., a disaccharide or a dipeptide).

Isomers

Compounds with the same chemical formula but different arrangements of atoms, resulting in different properties.

Molecular Formulas

Representations that show the number and types of atoms present in a molecule, but not the bonding arrangement or structure.