Rankin the comptroller of lazy inc has been embezzling, Ask an Expert

Accounting

Rankin, the comptroller of Lazy, Inc. has been embezzling funds from his employer for many years, To date, he has taken almost $5,000,000. In view of the fact that Rankin will have to repay this to his employer if he is caught, is this income for Rankin? If so, and he is caught, in what year is it taxable? Explain fully.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9967413

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