Tax law — bad debts; business expenses

Posted September 4, 2020 10:38 AM

Where business made loans to son of its founder, and loans were never repaid, business could not deduct those loans as either bad debts or ordinary and necessary business expenses.The 7th U.S. Circuit Court of Appeals affirmed a decision by Judge Kathleen Kerrigan, United States Tax Court. Ron Van Den Heuvel’s father founded VHC in 1985 to provide services to the paper manufacturing industry. Ron and his four brothers all worked for VHC or its subsidiaries in some capacity, but Ron found particular success. Ron started at …

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