Ron a cash basis taxpayer sells his business accounts, Accounting Basics

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Ron a cash basis taxpayer sells his business accounts

1. Explain how an account receivable can give rise to a bad debt deduction.

2. Ron, a cash basis taxpayer, sells his business accounts receivable of $100,000 to Mike for $70,000 (70% of the actual accounts receivable). Discuss the amount and classification of Ron's bad debt deduction.

3. Discuss when a bad debt deduction can be taken for a nonbusiness debt.

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Accounting Basics: Ron a cash basis taxpayer sells his business accounts

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