Bad debts do not constitute a loss as such under the receipts and disbursements method. The expenses, liabilities or credits of one year cannot be used to reduce the income of a subsequent year.
35 Miss. Code. R. 3-01-02-301
Bad debts do not constitute a loss as such under the receipts and disbursements method. The expenses, liabilities or credits of one year cannot be used to reduce the income of a subsequent year.
35 Miss. Code. R. 3-01-02-301