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Bad Debts

   Also found in: Dictionary/thesaurus, Medical, Legal, Wikipedia, Hutchinson 0.04 sec.
Bad Debts
Business accounts receivable that have been included in income in a prior year that are uncollectible, legally binding debts owed to the taxpayer that are totally worthless and uncollectible, and debts the taxpayer must pay that he or she guaranteed in connection with his business or for a profit may be deductible as bad debts.


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1933), addressed the specific charge-off requirement and noted that Congressional intent was to allow a deduction for business bad debts in the year in which ascertained worthless, provided there was "some specific act of the taxpayer clearly indicating their abandonment as assets.
Brazilian farmers realize this, but their options are limited this year by mountains of bad debts.
Keep in mind that bad debts don't disappear from your credit once they have been paid.
 
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