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Rs 47:53.1 Recovery Of Bad Debts, Prior Taxes, And Delinquency Amounts

§53.1. Recovery of bad debts, prior taxes, and delinquency amounts

Income attributable to the recovery during the taxable year of a bad

debt, prior tax, or delinquency amount, to the extent of the amount of the

recovery exclusion with respect to such debt, tax, or amount, shall not be

included in gross income and shall be exempt from taxation under this

Chapter. For the purposes of this Section:

(1) The term "Bad debt" means a debt on account of worthlessness or

partial worthlessness of which a deduction was allowed for a prior taxable

year.

(2) "Prior tax" means a tax on account of which a deduction or credit

was allowed for a prior taxable year.

(3) "Delinquency amount" means an amount paid or accrued on

account of which a deduction or credit was allowed for a prior taxable year and

which is attributable to failure to file return with respect to a tax, or pay a tax,

within the time required by the law under which the tax is imposed, or to

failure to file return with respect to a tax or pay a tax.

(4) "Recovery exclusion", with respect to a bad debt, prior tax, or

delinquency amount, means the amount, determined in accordance with

regulations prescribed by the collector, of the deductions or credits allowed,

on account of such bad debt, prior tax, or delinquency amount, which did not

result in a reduction of the taxpayer's tax under this Chapter or corresponding

provisions of prior statutes reduced by the amount excludible in previous

taxable years with respect to such debt, tax, or amount under this paragraph.

Added by Acts 1950, No. 445, §2.

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Local Government
Louisiana
3
8
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John Bel Edwards
John Bel Edwards
January 11, 2016 -
Democratic
1-225-342-4404
900 North 3rd Street, Baton Rouge, LA, 70802

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