Donald received this refund later in the same month. is the, Ask an Expert

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In 2010, for federal income tax purposes, Donald paid and deducted California income tax of $9,500. When the California income tax return was filed in mid March 2011, the return indicated that Donald would receive a $1,500 refund of California income tax. Donald received this refund later in the same month. Is the California refund a taxable income for 2011?

Can you describe the tax benefit rule in your own words?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9409963

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