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Business Taxes Law Guide—Revision 2024

BTLG Table of Contents > Sales and Use Tax Annotations > B > 130.0000 Bad Debts > Annotation 130.0200

Sales and Use Tax Annotations


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B

130.0000 Bad Debts—Regulation 1642

Annotation 130.0200

130.0200 Illegal Diversion of Funds by Officer. A corporation which suffers loss due to the diversion of funds by a corporate officer does not furnish a basis for a bad debt deduction for sales tax purposes. Bad debt deductions are allowable only with respect to debts arising from retail sales. 9/28/64.