Question: Six years ago Alvin loaned his prospective brother in law Bruno 20 000

Six years ago, Alvin loaned his prospective brother-in-law, Bruno, $20,000. The money was used to help Bruno pay for the wedding to Alvin’s sister. Shortly after the wedding, it was discovered that Bruno already was married to someone else. Before Bruno could be indicted for bigamy, he disappeared and has not been heard from since. In the current year, Alvin dies still holding Bruno’s note.
For tax purposes, what do you suggest as to the handling of Bruno’s note?

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  • CreatedSeptember 09, 2015
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