2.26 Ark. Code R. 51-425
Current through Register Vol. 49, No. 10, October, 2024
Where mortgaged or pledged property is sold for less than the amount of the debt and the mortgagee or pledgee determines that the portion of the debt remaining unsatisfied after such sale is uncollectible and charges it off, such amount may be deducted as a bad debt for the tax year in which it is determined to be worthless and charged-off.
Accrued interest may be included as part of the deduction only when it has previously been reported as income.
2.26 Ark. Code R. 51-425