True/False
Phyllis,a calendar year cash basis taxpayer who itemized deductions,overpaid her 2012 state income tax and is entitled to a refund of $400.Phyllis chooses to apply the $400 overpayment toward her state income taxes for 2013.She is required to recognize that amount as income in 2013.
Correct Answer:
Verified
Correct Answer:
Verified
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