Talk:Other Income
From TaxAlmanac, A Free Online Resource for Tax Professionals
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From TaxAlmanac
A business taxpayer receives a insurance payment for damages to business property. At year end they have not done the repairs but expenct to in the next year. Is the payment included in deferred income and used to reduce the actual cost in the following year or is it reported as income in the year received and total expenses deducted in the following year?
