Greater Nevada Credit Union [GRTR NV CU CARS CY] 451 EAGLE STATION LANE CARSON CITY, NV 89701-0000 775 882-2060 Â© Copyright 2011 by Lane Guide Lenders Online, Inc. All Rights Reserved.
A charge-off is an item on the company's income statement that is not collectible and is subsequently written off the balance sheet. A charge-off is an item on the company's income statement that is not collectible and is subsequently written off the balance sheet.
1001-1(a)), the amount of deemed charge-off is the amount by which the tax basis of the debt exceeds the greater of the fair market value of the debt or the amount of the debt recorded on the taxpayer's books and records reduced as appropriate for a specific allowance for loan losses (emphasis added).