Chico is a corporation operating in several states on the accrual basis. Chico received a state income

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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.

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Federal Tax Research

ISBN: 9781111221645

9th Edition

Authors: William Raabe, Gerald Whittenburg, Debra Sanders, Roby Sawyers, Steven Gill

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Question Posted: Oct 09, 2024 08:03 AM

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Chico is a corporation operating in several states on the accrual basis. Chico received a state income

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Federal Tax Research

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