1. For a trade or business, when deducting for bad debt expense on a tax...
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Accounting
1. For a trade or business, when deducting for bad debt expense on a tax return, the trade or business is limited in the bad debt deduction to: a. The estimated amount determined under the aging method of accounts receivable for the tax period in question. b. The amount actually written off for the tax period in question. c. The estimated amount determined under the percentage of accounts receivables for the tax period in question. d. The estimated amount determined under the percentage of credit sales for the tax period in question. 2. Which of the following court cases clarified the term "ordinary" under IRC $162? a. Welch v. Helvering. b. Wallach v. U.S. c. Deputy v. duPont d. None of the above. 3. What is the MACRS' class life of software? a. 3 b. 5 c. 7. d. None of the above
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