What is debts meaning definition
Define Bad Debts facts. Notion of been included in income in a prior year that are uncollectible.

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Bad Debts Definition

What BAD DEBTS means: 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.

Definition Bearer Bond:
Dictionary A bond that has no owner's name registered on the books of the issuing company and is therefore payable to the holder bad debts.
Definition Bankruptcy:
Dictionary For tax purposes, a formal petition filed in a Bankruptcy Court under Chapter 7, 11, 12, or 13 of Title 11 of the U.S. Code bad debts.
Definition Basis:
Dictionary to an asset from which gain or loss is determined for income tax purposes when the asset is sold. For assets acquired by purchase, basis is cost. Special rules govern the basis of property received bad debts.
Definition Business-Use Property:
Dictionary Property used in a trade or business. Examples include tools, equipment, machinery, factories, and office buildings bad debts.

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