Section 320 Sample Clauses

Section 320. UNIFORM RULES FOR RECOVERY OF BAD DEBTS 3 Each member state shall use the following to provide a deduction for bad debts to a seller. To 4 the extent a member state provides a bad debt deduction to any other party, the same procedures 5 will apply. Each member state shall:
Sample 1Sample 2See All (9)
AutoNDA by SimpleDocs
Section 320. UNIFORM RULES FOR RECOVERY OF BAD DEBTS 13 Each member state shall use the following to provide a deduction for bad debts to a seller. To 14 the extent a member state provides a bad debt deduction to any other party, the same procedures 15 will apply. Each member state shall: 16 A. 18 B. 20 21 22 23 24 C. 25 26 27 28 29 30 Allow a deduction from taxable sales for bad debts. Any deduction taken that is attributed to bad debts shall not include interest. Utilize the federal definition of “bad debt” in 26 U.S.C. Sec. 166 as the basis for calculating bad debt recovery. However, the amount calculated pursuant to 26 U.S.C. Sec. 166 shall be adjusted to exclude: financing charges or interest; sales or use taxes charged on the purchase price; uncollectable amounts on property that remain in the possession of the seller until the full purchase price is paid; expenses incurred in attempting to collect any debt, and repossessed property. Allow bad debts to be deducted on the return for the period during which the bad debt is written off as uncollectable in the claimant’s books and records and is eligible to be deducted for federal income tax purposes. For purposes of this subsection, a claimant who is not required to file federal income tax returns may deduct a bad debt on a return filed for the period in which the bad debt is written off as uncollectable in the claimant’s books and records and would be eligible for a bad debt deduction for federal income tax purposes if the claimant was required to file a federal income tax return.
Sample 1

Related to Section 320

  • SECTION 312 The Primary Servicer shall promptly (but in no event later than thirty (30) days after the related inspection or receipt of the inspection report, which ever is later, or collection, as applicable) forward to the Master Servicer a copy of all inspection reports prepared by the Primary Servicer and all operating statements, budgets, rent rolls and financial statements collected by the Primary Servicer. The Primary Servicer may engage a third party at its cost to perform property inspections and prepare property inspection reports without first obtaining the consent of the Master Servicer; provided, however, that the Primary Servicer shall remain obligated and primarily liable to the Master Servicer for satisfactory completion of the inspections and reports as required by this Agreement. If any inspection report identifies a “life safety” or other material deferred maintenance item existing with respect to the related Mortgaged Property, the Sub-Servicer (x) shall promptly send to the related Borrower (with a copy to the Master Servicer by email to xxxxxx@xxxxxxxxxx.xxx) a letter identifying such deferred maintenance item and instructing the related Borrower to correct such deferred maintenance item and (y) shall notify the Master Servicer (by email to xxxxxx@xxxxxxxxxx.xxx) upon resolution of such life safety or deferred maintenance item.

  • Section 512 Control By Holders................................. 37 Section 513. Waiver of Past Defaults............................ 37

  • SECTION 515 Waiver of Stay or Extension Laws................... 38 ARTICLE SIX

  • SECTION 311 CUSIP Numbers.............................................................29

  • of the Disclosure Schedule To the Knowledge of the Company, there are no strikes, slowdowns, work stoppages, lockouts or threats thereof by or with respect to any of the employees of the Company.

  • SECTION 310 Computation of Interest............................ 29

  • Section 4.4 23 The Association reserves and retains the right to delegate any right or duty contained herein to 24 appropriate officials of the Public School Employees of Washington/SEIU Local 1948 State 25 Organization.

  • Section 3.4 47 Each employee reserves and retains the right to delegate any right or duty contained in this Agreement, 48 exclusive of compensation for services rendered, to appropriate officials of the Association.

  • SECTION 514 Undertaking for Costs.............................. 37

  • Section 4.5 7 The President of the Association and designated representatives may be provided time off without loss 8 of pay to a maximum of ten (10) days per year to attend local, regional or State meetings when the 9 purpose of those meetings is in the best interest of the District as determined by the District 10 administration.

Time is Money Join Law Insider Premium to draft better contracts faster.