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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 62 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
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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TVarnum

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Reply 2 on: Sep 13, 2020
:D TYSM

deja

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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