If a Business Debt Previously Deducted as Partially Worthless Becomes

question 106

True/False

If a business debt previously deducted as partially worthless becomes totally worthless this year, only the amount not previously deducted can be deducted this year.

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Definitions:

Congressional Elections

The process by which members of the United States Congress, including both the House of Representatives and the Senate, are elected by the voters in their respective constituencies.

Republican Congressional

Pertaining to a period or context in which the Republican Party holds significant power or influence in the United States Congress.

Andrew Johnson

The 17th President of the United States, serving from 1865 to 1869, known for his efforts to restore the southern states after the Civil War and his subsequent impeachment.

Thaddeus Stevens

A 19th-century U.S. politician known for his fierce advocacy for the abolition of slavery and his role in the Reconstruction era.