Food Delivery Investor Seeks $1.8 Million Refund on Bad Debt (1)

An investor whose loan to a restaurant technology business became bad debt is asking a federal court in California to order the IRS to grant him nearly $1.84 million in combined tax refunds.

Michael D. Dicks sought a nearly $14.2 million business bad debt deduction for tax year 2018 after his investments in a patent holder of fast food ordering technology called Restaurant Revolution Technologies Inc. became worthless, an attachment to his Monday complaint said. In October 2022, Dicks then requested $1.84 million worth of refunds for tax years 2013 through 2015, carrying back the 2018 net operating loss.

The ...