The IRS audited Tax Year 1, including the issue of the bad debt loss.
FORBES: NOL Gives IRS Second Chance to Disallow Deduction
The Revenue Agent allowed the loss, concluding the loss would either be deductible as a bad debt or worthless stock loss. 1 The statute of limitations for assessment under I.
That shows up on the big hospital chains' profit-and-loss statements, where bad debt levels have almost doubled to 10% of revenue since 2000.
FORBES: How to chop hundreds of dollars off your medical bills.
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