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Business Bad Debts |
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Business Bad Debts Business accounts receivable that have been included in income that are uncollectible, legally binding debts owed to you that are uncollectible, and debts you must pay that you guaranteed in connection with your business or for a profit may be deductible as bad debts. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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. Thus, subsection (a) allows an ordinary loss deduction only for business bad debts. However, payments made by partners on behalf of their partnerships were business bad debts when the partners' payments were in furtherance of the partnership's business. |
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