The Taxpayer Incorrectly Took a $5,000 Deduction (E

question 110

True/False

The taxpayer incorrectly took a $5,000 deduction (e.g. ,incorrectly calculated depreciation) in 2015 and as a result his taxable income was reduced by $5,000.The taxpayer discovered his error in 2016.The taxpayer must add $5,000 to his 2016 gross income in accordance with the tax benefit rule to correct for the 2015 error.

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Definitions:

Fallopian Tubes

The pair of tubes along which eggs travel from the ovaries to the uterus in female mammals; also where fertilization typically occurs.

Body Accommodate

The ability of the body to adapt or adjust to changes, stress, or environments.

Physical Decline

The gradual decrease in physical ability and health commonly associated with aging or disease progression.