Unformatted text preview: resulting in the loss. I read in the text that if it was probable or likely that a loss would occur then one can take it as a loss. In the event that it was paid, then one would have to adjust the previous tax returns and pay the difference in the current year. Not sure if I am right or not, but I went with what I thought would be the best result....
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This note was uploaded on 07/19/2011 for the course ACCT 401 taught by Professor Hawkens during the Spring '11 term at Lee.
- Spring '11