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Home / Questions / 48. PR.03-19 Problem 3-19 Bad Debts (LO 3.10) Sharon is an orthopedic surgeon. She perform...

48. PR.03-19 Problem 3-19 Bad Debts (LO 3.10) Sharon is an orthopedic surgeon. She performed a surgery 2 years ago and billed $10,000 to her patient. After 2 years of attempting to collect the money,

48. PR.03-19
Problem 3-19
Bad Debts (LO 3.10)
Sharon is an orthopedic surgeon. She performed a surgery 2 years ago and billed $10,000 to her patient. After 2 years
of attempting to collect the money, it is clear that Sharon will not be able to collect anything. Sharon reports income on
her tax return on the cash basis, so she only reports the income she actually receives in cash each year.
Can she claim a bad debt deduction for the $10,000?
because a deduction is allowed to the extent that income arising from the services

Sep 14 2020 View more View Less

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