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Business, 25.10.2019 00:43 obbiesco123

How does the tax benefit rule apply in the following cases? a. in 2017, the orange furniture store, an accrual method sole proprietorship, sold furniture on credit for $1,000 to sammy. the cost of the furniture was $600. in 2018, orange took a bad debt deduction for the $1,000. in 2019, sammy inherited some money and paid orange the $1,000 he owed. orange’s owner was in the 35% marginal tax bracket in 2017, the 12% marginal tax bracket in 2018, and the 35% marginal tax bracket in 2019.

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How does the tax benefit rule apply in the following cases? a. in 2017, the orange furniture store,...
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