Question: Statement 1: Taxes not previously allowed as deductions from gross income should be form part of taxable income when refunded. Statement 2: Subsequent recovery of

Statement 1: Taxes not previously allowed as deductions from gross income should be form part of taxable income when refunded. Statement 2: Subsequent recovery of bad debt previously written off in books is a taxable income, provided that the account's write-off resulted in a lower taxable income

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