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1. Which of the following is true about business bad debts owed to cash method taxpayers for services performed for tax purposes? They are limited

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1. Which of the following is true about business bad debts owed to cash method taxpayers for services performed for tax purposes? They are limited to $3000 per year They are only deductible in accordance with GAAP They are not deductible by the cash method taxpayer They are fully deductible when specifically identified None of the above

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