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Business, 20.10.2021 09:50 percent74

In 2019, 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 2020, Orange took a bad debt deduction for the $1,000. In 2021, Sammy inherited some money and paid Orange the $1,000 he owed. Orange's owner was in the 35% marginal tax bracket in 2019, the 12% marginal tax bracket in 2020, and the 35% marginal tax bracket in 2021. Orange Furniture must include $ in gross income as the recovery of a prior deduction. The timing of the income and deductions cost Orange $

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In 2019, the Orange Furniture Store, an accrual method sole proprietorship, sold furniture on credit...
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