true or false. why? ____3. Legal fees paid by a business to defend a criminal...
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Accounting
true or false. why?
____3. Legal fees paid by a business to defend a criminal case are only deductible if acquitted. If convicted they are non-deductible expenses.
_ _4. Businesses can use an aging of bad debts to create a write-off for reporting purposes but can only deduct bad debts for tax write-off when they become uncollectable.
_____5. Before the IRS will consider a debt to be a bad-debt and allow write-off, the creditor must start a lawsuit against the debtor and loose.
____6. Non-business bad debts can be written off as capital loses at $3,000 per year until used up.
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