Last year your client, Barney Bumluck, worked part-time for Timely Tax Return Preparation Service. Barney was promised
Question:
Last year your client, Barney Bumluck, worked part-time for Timely Tax Return Preparation Service. Barney was promised an hourly wage plus a commission. He worked under this arrangement from early February until April 15. His accrued pay amounted to $900 plus $120 of commissions.When he went to collect his pay, however, he found only a vacant office with a sign on the door reading “Nothing is sure but death and taxes.” Can Barney take a bad debt deduction for the wages and commission he was unable to collect?
Research Aid: Reg. Section 1.166–1(e)
AppendixLO1
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Taxation For Decision Makers 2008
ISBN: 9780324654110
2nd Edition
Authors: Shirley Dennis-Escoffier, Karen A. Fortin
Question Posted: