MLchartDataset catalogue

Bad debt

Term · Law · MLC-T-LAW-000646

An amount of money owed to a creditor that is deemed uncollectible and is therefore written off as a loss. This occurs when a debtor is unable or unwilling to repay a loan or other financial obligation. Businesses often deduct bad debts for tax purposes, subject to specific Internal Revenue Service (IRS) regulations.

Table 1. Record
IdentifierMLC-T-LAW-000646
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-000646",
  "term": "Bad debt",
  "field": "Law",
  "definition": "An amount of money owed to a creditor that is deemed uncollectible and is therefore written off as a loss. This occurs when a debtor is unable or unwilling to repay a loan or other financial obligation. Businesses often deduct bad debts for tax purposes, subject to specific Internal Revenue Service (IRS) regulations.",
  "url": "https://mlchart.com/terminology/law/bad-debt/"
}

Record 437 of 5,445 in Law terminology (MLC-0107). Request the full dataset.