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CHAPTER 4-INCOME EXCLUSIONS Page 1 of 18 Next Which of the following statements is true? O a. Most deferrals are a result of the wherewithal

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CHAPTER 4-INCOME EXCLUSIONS Page 1 of 18 Next Which of the following statements is true? O a. Most deferrals are a result of the wherewithal to pay concept O b. A deferral is taxed in the current period. C. A deferral is a permanent exclusion from income. O d. All of these choices are correct

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