Nicholas owned stock that decreased in value by $$20,000$ during the year, but he did not sell the stock. He earned $$45,000$ salary, but received only $$34,000$

because $$11,000$ in taxes were withheld. Nicholas saved $$10,000$ of his salary and used the remainder for personal living expenses. Nicholas's economic

income for the year exceeded his gross income for tax purposes.

True

False