Examlex
Describe the two alternate methods used to account for prepaid expenses.
Adjusted Gross Income
Adjusted Gross Income, or AGI, is an individual's total gross income minus specific deductions, used to determine taxable income on an income tax return.
Casualty Loss Deduction
A tax deduction allowed for losses from sudden, unexpected, or unusual events, such as natural disasters, fire, or theft, not compensated by insurance.
Insurance Settlement
A payment made by an insurance company to a policyholder following a claim for loss or damage covered by the policy.
Mumford
A scholar known for contributions to the understanding of leadership, creativity, and problem-solving.
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