Bad Debt


B

BackDoc

I own a Professional Corporation...S-type. I gave the PC a
loan early this year to pay off some debts. I am retiring
and selling the PC. The sales contract says that the new
owners will not be responsible for paying off any currently
existing loans. Since the PC will not be repaying the loan
will I be able to take any tax credits for the "bad debt"
(if it is truely a bad debt)?

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