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bad debt |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia, Hutchinson | 0.07 sec. |
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bad debt a professional fee that is owed but is not recoverable by the normal procedure of submitting three accounts at one month intervals and rendered from the veterinarian's office. A bad debt must be written off as a loss or placed in the hands of a professional debt collector or a solicitor to collect. If bad debts exceed 2% of the gross income the management of the practice should be investigated. |
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1933), addressed the specific charge-off requirement and noted that Congressional intent was to allow a deduction for business bad debts in the year in which ascertained worthless, provided there was "some specific act of the taxpayer clearly indicating their abandonment as assets. Brazilian farmers realize this, but their options are limited this year by mountains of bad debts. Keep in mind that bad debts don't disappear from your credit once they have been paid. |
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Bad debts
