Section 320 Sample Clauses

Section 320. UNIFORM RULES FOR RECOVERY OF BAD DEBTS 17 A. Allow a deduction from taxable sales for bad debts. Any deduction taken that is 18 attributed to bad debts shall not include interest. 19 B. Utilize the federal definition of “bad debt” in 26 U.S.C. Sec. 166 as the basis for 20 calculating bad debt recovery. However, the amount calculated pursuant to 26 U.S.C. 21 Sec. 166 shall be adjusted to exclude: financing charges or interest; sales or use taxes 22 charged on the purchase price; uncollectable amounts on property that remain in the 23 possession of the seller until the full purchase price is paid; expenses incurred in 24 attempting to collect any debt, and repossessed property. 25 C. Allow bad debts to be deducted on the return for the period during which the bad debt is 26 written off as uncollectable in the claimant’s books and records and is eligible to be 27 deducted for federal income tax purposes. For purposes of this subsection, a claimant 28 who is not required to file federal income tax returns may deduct a bad debt on a return 29 filed for the period in which the bad debt is written off as uncollectable in the claimant’s 30 books and records and would be eligible for a bad debt deduction for federal income tax 31 purposes if the claimant was required to file a federal income tax return. 1 D. Require that, if a deduction is taken for a bad debt and the debt is subsequently collected 2 in whole or in part, the tax on the amount so collected must be paid and reported on the 3 return filed for the period in which the collection is made. 4 E. Provide that, when the amount of bad debt exceeds the amount of taxable sales for the 5 period during which the bad debt is written off, a refund claim may be filed within the 6 member state’s otherwise applicable statute of limitations for refund claims; however, the 7 statute of limitations shall be measured from the due date of the return on which the bad 8 debt could first be claimed. 9 F. Where filing responsibilities have been assumed by a CSP, allow the service provider to 10 claim, on behalf of the seller, any bad debt allowance provided by this section. The CSP 11 must credit or refund the full amount of any bad debt allowance or refund received to the 12 seller. 13 G. Provide that, for the purposes of reporting a payment received on a previously claimed 14 bad debt, any payments made on a debt or account are applied first proportionally to the 15 taxable price of the property or service and the sales tax...

Related to Section 320

  • SECTION 312 The Primary Servicer shall promptly (but in no event later than thirty (30) days after the related inspection or receipt of the inspection report, which ever is later, or collection, as applicable) forward to the Master Servicer a copy of all inspection reports prepared by the Primary Servicer and all operating statements, budgets, rent rolls and financial statements collected by the Primary Servicer. The Primary Servicer may engage a third party at its cost to perform property inspections and prepare property inspection reports without first obtaining the consent of the Master Servicer; provided, however, that the Primary Servicer shall remain obligated and primarily liable to the Master Servicer for satisfactory completion of the inspections and reports as required by this Agreement. If any inspection report identifies a “life safety” or other material deferred maintenance item existing with respect to the related Mortgaged Property, the Sub-Servicer (x) shall promptly send to the related Borrower (with a copy to the Master Servicer by email to xxxxxx@xxxxxxxxxx.xxx) a letter identifying such deferred maintenance item and instructing the related Borrower to correct such deferred maintenance item and (y) shall notify the Master Servicer (by email to xxxxxx@xxxxxxxxxx.xxx) upon resolution of such life safety or deferred maintenance item.

  • Section 512 Control By Holders................................. 37 Section 513. Waiver of Past Defaults............................ 37

  • SECTION 515 Waiver of Stay or Extension Laws................... 38 ARTICLE SIX

  • SECTION 311 CUSIP Numbers...................................... 29 PAGE ARTICLE FOUR

  • of the Disclosure Schedule To the Knowledge of the Company there are no strikes, slowdowns, work stoppages, lockouts or threats thereof by or with respect to any of the employees of the Company.

  • SECTION 310 Computation of Interest.....................................32

  • Section 4.4 44 The Association reserves and retains the right to delegate any right or duty contained herein, within the 45 scope of statute, to appropriate officials of the Public School Employees of Washington/SEIU Local 46 1948 State Organization.

  • Section 3.4 26 Each employee reserves and retains the right to delegate any right or duty contained in this Agreement, 27 exclusive of compensation for services rendered, to appropriate officials of the Association.

  • SECTION 514 Undertaking for Costs.............................. 37

  • Section 504 Trustee May File Proofs of Claim................... 34 Section 505. Trustee May Enforce Claims Without Possession of Securities......................................... 35

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