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Author Question: Frank loaned Emma $5,000 in 2014 with the agreement that the loan would be repaid in three years. In ... (Read 57 times)

TVarnum

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on: Sep 13, 2020
Frank loaned Emma $5,000 in 2014 with the agreement that the loan would be repaid in three years. In 2015, Emma filed for bankruptcy and based on available information from the bankruptcy court, it was estimated that Frank could expect to receive $.65 on the dollar. In 2016, final settlement was made and Frank received $600.
a. Assuming the loan is a business bad debt, what is the amount of and the nature of Frank's deduction in 2015?
b. Assuming the loan is a business bad debt, what is the amount of and the nature of Frank's deduction in 2016?
c. Assuming instead that the loan is a nonbusiness bad debt, what is the amount of and the nature of Frank's deduction in 2015 and 2016?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by TVarnum on Sep 13, 2020

Loise Hard

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Reply #1 on: Sep 13, 2020
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TVarnum

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

chjcharjto14

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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