This topic contains a solution. Click here to go to the answer

Author Question: In 2015 Grace loaned her friend Paula $12,000 to invest in various stocks. Paula signed a note to ... (Read 169 times)

Brittanyd9008

  • Hero Member
  • *****
  • Posts: 500
In 2015 Grace loaned her friend Paula $12,000 to invest in various stocks. Paula signed a note to repay the principal with interest. Unfortunately the market for that industry sector plunged, and Paula incurred large losses. In 2016 Paula declared personal bankruptcy and Grace was unable to collect any of her loan. Grace had no other gains or losses last year or this year. The result is
◦ Grace deducts a business bad debt of $12,000 in 2016.
◦ Grace deducts a $12,000 nonbusiness bad debt as a short-term capital loss in 2016.
◦ Grace deducts a $3,000 nonbusiness bad debt as a short-term capital loss in 2016 and carries $9,000 over to subsequent years.
◦ Grace deducts a business bad debt of $3,000 in 2016 and carries $9,000 over to subsequent years.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by Brittanyd9008 on Sep 13, 2020

dpost18

  • Sr. Member
  • ****
  • Posts: 345
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.
Answer Preview
Only 56% of students answer this correctly




Brittanyd9008

  • Member
  • Posts: 500
Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review


smrtceo

  • Member
  • Posts: 344
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

Serum cholesterol testing in adults is recommended every 1 to 5 years. People with diabetes and a family history of high cholesterol should be tested even more frequently.

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

For a complete list of videos, visit our video library