five years ago, tom loaned his son liam $20,000 to start a business. a note was executed with an interest rate of 8%, which is the federal rate. the note required monthly payments of the interest with the $20,000 due at the end of 10 years. liam always made the interest payments until last year. during the current year, liam notified his father that he was bankrupt and would not be able to repay the $20,000 or the accrued interest of $1,800. tom is an accrual basis taxpayer whose only income is salary and interest income. the proper treatment for the nonpayment of the note is:

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15-11-2022
Business

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five years ago, tom loaned his son liam $20,000 to start a business. a note was executed with an interest rate of 8%, which is the federal rate. the note required monthly payments of the interest with the $20,000 due at the end of 10 years. liam always made the interest payments until last year. during the current year, liam notified his father that he was bankrupt and would not be able to repay the $20,000 or the accrued interest of $1,800. tom is an accrual basis taxpayer whose only income is salary and interest income. the proper treatment for the nonpayment of the note is:

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contexto1019 contexto1019 · Answer 1 · 2022-11-20T05:31:58+01:00

five years ago, tom loaned his son Liam $20,000 to start a business. a note was executed with an interest rate of 8%, which is the federal rate. the note required monthly payments of the interest with the $20,000 due at the end of 10 years. Liam always made the interest payments until last year. during the current year, Liam notified his father that he was bankrupt and would not be able to repay the $20,000 or the accrued interest of $1,800. tom is an accrual basis taxpayer whose only income is salary and interest income. the proper treatment for the nonpayment of the note is: $3,000 deduction.

Redress options for unpaid building contracts. tardy payment Suspension. Interest and damages. decreased payment Small businesses should start by contacting the client via email to request the late payment. Follow up with the client by phone if many emails to request payment are unsuccessful. Talk to the client politely about the past-due invoice and make an effort to collect payment over the phone. Give the payment as much information as you can, such as the invoice number and amount. Continue to remind them how far past due they are and what the due date was.

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