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What does sandle corporation report on its tax returns

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Reference no: EM13314640

Sandle Corporation, an accrual-basis, calendar-year taxpayer, sold $15,000 of its products on account to Jim in November, year 1. In year 2, Jim declares bankruptcy and Sandle writes off the account as a bad debt. In year 3, Jim unexpectedly inherits a large sum of money and uses part of it to repay his creditors, including a $12,000 payment to Sandle Corporation.

a. What does Sandle Corporation report on its tax returns for years 1, 2, and 3?

b. How would your answers change if Sandle is a cash-basis taxpayer?

Reference no: EM13314640

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