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Author Question: In October 2016, Jonathon Remodeling Co., an accrual-method taxpayer, remodels and renovates an ... (Read 91 times)

Lobcity

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on: Sep 13, 2020
In October 2016, Jonathon Remodeling Co., an accrual-method taxpayer, remodels and renovates an office building for Dale and bills him $30,000. Dale signs a note for the debt. Dale keeps delaying payment and files bankruptcy in 2017. Creditors are informed that no assets are available for payment.  Jonathon Remodeling Co. will report
◦ $0 income in both years.
◦ $30,000 income in 2016 and a bad debt deduction of $30,000 in 2017.
◦ $30,000 income in 2016 and a STCL of $30,000 in 2017 limited to $3,000 after netting.
◦ $30,000 income in 2016 and then must amend last year's return to show $0 income when advised of the bankruptcy.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by Lobcity on Sep 13, 2020

ashely1112

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Lobcity

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

debra928

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Reply 3 on: Yesterday
Excellent

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