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Which of the following statements is true? -Investment tax credit refers to a credit against taxes due that is based on the amount of new

Which of the following statements is true?

-Investment tax credit refers to a credit against taxes due that is based on the amount of new capital outlays. -Capitalizing involves recording an outlay as an asset and allocating (depreciating) the cost over future time periods. -Expense involves recognizing an outlay as an expense for tax purposes at the time it is incurred.

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