In 2018, Aurora received a $25,000 bonus computed as a percentage of profits. In 2019, Auroras employer
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In 2018, Aurora received a $25,000 bonus computed as a percentage of profits. In 2019, Aurora’s employer determined that the 2018 profits had been incorrectly computed, and Aurora had to refund the $8,000 in 2019. Assume that Aurora was in the 35% tax bracket in 2018 but in the 12% bracket in 2019.
a. In 2018, how much is Aurora required to include in income?
b. In 2019, what is the amount of the deduction Aurora can claim? What is the reduction in taxes for 2019 as a result of the deduction?
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According to the claimofright doctrine the taxpayer must include the amount as income in the year of ...View the full answer
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Related Book For 
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
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