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What is Goodrich Bad Debt Deduction Case Summary about?

The Supreme Court case involved Goodrich International Rubber Co. appealing tax assessments that disallowed deductions of around P50,000 in bad debts and P30,000 in representation expenses. The Court of Tax Appeals initially allowed the bad debt deduction but disallowed the representation expenses, though later amended to allow those too. The Supreme Court upheld rejecting deductions for the first 10 alleged bad debts totaling around P27,000, as Goodrich did not prove the debts were actually worthless or th

Author

Argel Cosme

Language

EN