Which of the following statements is false?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which of the following statements is false?
Group of answer choices
A realized gain that is never recognized results in the temporary recovery of more than the taxpayer’s cost or other basis for tax purposes.
A realized loss on which recognition is postponed results in the temporary recovery of less than the taxpayer’s cost or other basis for tax purposes
A realized loss that is never recognized results in the permanent recovery of less than the taxpayer’s cost or other basis for tax purposes.
A realized gain on which recognition is postponed results in the temporary recovery of more than the taxpayer’s cost or other basis for tax purposes.
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