In Some Cases, a Taxpayer May Deduct an Otherwise Allowable

question 36

True/False

In some cases, a taxpayer may deduct an otherwise allowable contribution to an IRA, even though the contribution is made after the close of the tax year.

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Definitions:

Innovation Process

A sequence of activities involving the generation, development, and implementation of new ideas or technologies.

Feasibility Studies

Investigations into the practicality, viability, and potential success of a proposed project or system.

Prototypes

Early samples, models, or releases of a product built to test a concept or process or to act as a thing to be replicated or learned from.

Process Innovations

Involve new or improved ways of manufacturing the product or providing the service.