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29) A taxpayer wishes to take a deduction for a worthless debt. Without proper documentation, the taxpayer faces the risk that the IRS will assert
29) A taxpayer wishes to take a deduction for a worthless debt. Without proper documentation, the taxpayer faces the risk that the IRS will assert that A) the debt became worthless in an earlier period, and the statute of limitations prevents the taxpayer from amending that earlier return. B) the debt is not yet worthless, disallowing the deduction. C) both of the above. D) none of the above
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