Kinder Surprise eggs, an Italian brand of egg-shaped chocolate candies containing a toy surprise inside, have been banned in the States since long before they were first manufactured in the early '70s. That's because the US has had a ban on candies with embedded toys since 1938.
(A) As used in this section, bad debt means any debt that has become worthless or uncollectible in the time period between a vendor's preceding return and the present return, has been uncollected for at least six months, and that may be claimed as a deduction pursuant to the Internal Revenue Code of 1954, 68A Stat.A) As used in this section, bad debt means any debt that has become worthless or uncollectible in the time period between a vendor's preceding return and the present return, has been uncollected for at least six months, and that may be claimed as a deduction pursuant to the Internal Revenue Code of 1954, 68A Stat.
In this case the part that the creditor has no reasonable expectation of recovering is a bad debt. It is only that part of the debt that the creditor is entitled to write off as bad and claim as a deduction for income tax and GST purposes.Examples of when a debt is/is not bad Example 1 A supplier has supplied goods on credit to Mr B. Mr B owes the supplier $2,000 for the goods.riting off a debt as bad entitles a taxpayer to: â¢ A deduction in calculating income for income tax purposes, worth up to 39% of the debt, depending on the taxpayerâs marginal income tax rate: â¢ A GST deduction from output tax of the tax fraction of the debt.