Phyllis, Who Is Single, Has Itemized Deductions Totaling $20,000

question 2

True/False

Phyllis, who is single, has itemized deductions totaling $20,000.She overpaid her 2018 state income tax and is entitled to a refund of $400 in 2019.Phyllis chooses to apply the $400 overpayment toward her state income taxes for 2019.She is required to recognize that amount as income in 2019.

---

Definitions:

Details

Specific or minor pieces of information that collectively form a comprehensive picture of a situation, object, or plan.

Generic Competitive Strategies

Framework described by Michael Porter that outlines three potential strategies for achieving competitive advantage: cost leadership, differentiation, and focus.

Competitive Environment

The dynamic external system in which businesses compete with each other for customers, resources, and market share.

Competitive Strategy

A long-term plan developed by a company to gain a competitive advantage over its rivals in the industry.