Question

Identify the tax issue or issues suggested by the following situations and state each issue in the form of a question.
In 1993, Mr. L paid $18,000 for a newly issued BN bond with a $30,000 stated redemption value. He has recognized $6,000 of the original issue discount (OID) as ordinary interest income. This year, BN went bankrupt and informed Mr. L that his bond was worthless.


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  • CreatedNovember 03, 2015
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