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Federal Tax Research 10th Edition by Roby Sawyers,William Raabe,Gerald Whittenburg,Steven Gill
Edition 10ISBN: 978-1285439396Federal Tax Research 10th Edition by Roby Sawyers,William Raabe,Gerald Whittenburg,Steven Gill
Edition 10ISBN: 978-1285439396 Exercise 26
Chico is a corporation operating in several states on the accrual basis. Chico received a state income tax refund this year (Year 4) based on the following sequence of events. In which tax year does Chico recognize the refund as gross income
Year 1: Generated the operating loss.
Year 2: Filed the loss carryback form with the state.
Year 3: Received notice that the refund was approved.
Year 4: Received the refund check.
Year 1: Generated the operating loss.
Year 2: Filed the loss carryback form with the state.
Year 3: Received notice that the refund was approved.
Year 4: Received the refund check.
Explanation
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A corresponding state income tax refund ...
Federal Tax Research 10th Edition by Roby Sawyers,William Raabe,Gerald Whittenburg,Steven Gill
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