Taxpayers who recover all or part of an item that they deducted or took a credit for in a prior year, must report the same amount as

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Arthur Payne

Business

30 July, 22:17

Taxpayers who recover all or part of an item that they deducted or took a credit for in a prior year, must report the same amount as

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Pinky · Answer 1

Taxpayers who recover all or part of an item that they deducted or took a credit for in a prior year, must report the same amount as taxable income. taxable income refers to the gross income or adjusted gross income. It is minus any deductions or exemptions allowed in that tax year. This income includes wages, salaries, bonuses and tips, as well as investment income and unearned income.