A Taxpayer Who Expenses Circulation Expenditures in the Year Incurred

question 32

True/False

A taxpayer who expenses circulation expenditures in the year incurred for regular income tax purposes will have a positive AMT adjustment in the following year.

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Definitions:

Unearned Revenue

Unearned revenue is income received by an entity for goods or services yet to be delivered or performed, classified as a liability on the balance sheet.