Taxable sales which are represented by accounts not secured by conditional sales contract, rental purchase contract or security interest and which are found to be worthless and are actually and properly charged off as bad debts for the purpose of the Income Tax imposed by the laws of the State may be deducted by a seller from adjusted gross sales, provided that Sales Tax must have been previously paid to the City by the seller on amounts deducted as bad debts, and if those amounts are then collected by the taxpayer, a tax shall be paid on the amount collected. (1968 Code §3-75; Ord. 76-168; Ord. 01-42)