Robison Law Firm
11353 REED HARTMAN HIGHWAY
SUITE 300
CINCINNATI
,
OH
45241
PHONE: 513-412-3483
FAX: 513-412-3482
OUR FAMILY OF
STRATEGIC TAX SERVICES
News
Tax Court allows business bad debt deduction
By Charles J. Reichert, CPA
The Tax Court held that a taxpayer properly took a deduction for a business bad debt. According to the court, the taxpayer was engaged in the business of lending money and correctly wrote off a bona fide loan related to that business that had become worthless during the year it was deducted.