What is the only method concerning recognizing bad debt expense that's accepted by the IRS? (on...

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What is the only method concerning recognizing "bad debt expense" that's accepted by the IRS? (on tax returns). This method WAITS until a bad customer account is abandonded. Which might be months after the credit sale, or maybe even a year. Why is this method theoretically "deficient" as concerns proper accounting principles? What is the only method concerning recognizing "bad debt expense" that's accepted by the IRS? (on tax returns). This method WAITS until a bad customer account is abandonded. Which might be months after the credit sale, or maybe even a year. Why is this method theoretically "deficient" as concerns proper accounting principles?

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The Allowance Method is the only method recognized by the IRS for recognizing bad debt expense on ta... View the full answer