Question: Can you provide an example of a claim where the base case holds but there is a subtle flaw in the inductive step that leads to a fake proof of a clearly erroneous result? [Note: Please do not answer with the very common all horses are the same color example.]
Comment: Sometimes inductive arguments can lead to controversial conclusions, such as the surprise exam paradox, Richard's paradox and a host of other paradoxes. However, I am interested in examples of a more mathematical nature (as opposed to linguistic) where the inductive argument is subtly flawed and leads to erroneous conclusions.
Note: If you provide an answer, please do so in a way similar to how current answers are displayed (gray out the flaw so people can be challenged to discover it).
Claim: $a^n=1$ for all nonnegative integers $n$, whenever $a$ is a nonzero real number.
Base case: $a^0=1$ is true by the definition of $a^0$.
Inductive step: Assume that $a^m=1$ for all nonnegative integers $m$ with $m\leq k$. Then notice that $$ a^{k+1}=\frac{a^k\cdot a^k}{a^{k-1}}=\frac{1\cdot 1}{1}=1. $$
Flaw: