Any Deduction Taken in a Prior Year That Is Recovered

question 133

True/False

Any deduction taken in a prior year that is recovered in a subsequent year is reported as income in the year it is recovered, to the extent that a tax benefit was received from the deduction.

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Definitions:

External Environment

Outside factors and forces that can affect an organization's performance, including economic, technological, sociopolitical, and legal elements.

Adaptive Change

A form of change that requires individuals, teams, or organizations to adjust their underlying assumptions and strategies in response to anticipated or actual shifts in the environment.

Developing

The process of growing or causing something to grow, evolve, or become more advanced.

Clarifying

The process of making statements or concepts less confused and more clearly comprehensible.