Two years ago, Ipenex Inc., an accrual basis taxpayer, wrote off a $17,500 account receivable as uncollectible. This year, Ipenex received an entirely unexpected check for $17,500 from the debtor. Which of the following statements is false?
A. The receipt has no effect on current year book income.
B. The receipt has no effect on current year taxable income.
C. Ipenex must recognize $17,500 taxable income under the tax benefit rule.
D. Ipenex credited the receipt to its allowance for bad debts.

Question

12-08-2024
Business

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Two years ago, Ipenex Inc., an accrual basis taxpayer, wrote off a $17,500 account receivable as uncollectible. This year, Ipenex received an entirely unexpected check for $17,500 from the debtor. Which of the following statements is false?
A. The receipt has no effect on current year book income.
B. The receipt has no effect on current year taxable income.
C. Ipenex must recognize $17,500 taxable income under the tax benefit rule.
D. Ipenex credited the receipt to its allowance for bad debts.

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