In 2010, Tru Corporation Deducted $5,000 of Bad Debts

question 113

Essay

In 2010, Tru Corporation deducted $5,000 of bad debts. It received no tax benefit from the deduction because it had an NOL in 2010 that it was unable to carry back or forward. In 2011, Tru recovered $4,000 of the amount due.
a)What amount must Tru include in income in 2011?
b)What effect does the $4,000 have on E&P in 2011, if any?

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Definitions:

Values And Attitudes

Deeply held beliefs and feelings that influence an individual's choices and behaviors.

Interest And Attentiveness

The state of wanting to learn more about something or someone, combined with the quality of giving close and continuous attention.

Morphed Faces

Digitally combined images of two or more faces to create a new, composite facial appearance.

Experimental Images

Pictures or visuals used in experiments to study cognitive and emotional responses.