Worthless Debt Deduction – A Cautionary Tale
By: Amanda Wilson For partnership, individuals and other types of taxpayers that are not in the business of making loans, the main avenue for tax relief when a loan goes bad is Section 166 – the bad debt deduction. In order to claim this deduction, the taxpayer must show that the debt has become wholly worthless … Continue reading Worthless Debt Deduction – A Cautionary Tale
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