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:

Political strife

Conflict or struggle within a country involving various political factions, often leading to unrest or civil disorder.

Reproductive health

A state of complete physical, mental, and social well-being in all matters relating to the reproductive system at all stages of life.

Gender inequality

The social, economic, and cultural condition in which people of different genders do not have equal rights, opportunities, or responsibilities.

Cardiovascular health

This refers to the health of the heart and blood vessels, aiming to prevent heart diseases and maintain function.