In 2016, Jackson Garza loaned $10,000 to a small business corporation. By the end of 2022, it
Question:
In 2016, Jackson Garza loaned $10,000 to a small business corporation. By the end of 2022, it was established that the loan was bad and that Jackson would not be receiving the $10,000 principal. Jackson has sheltered $4,000 of capital gains with the capital gains deduction in prior years.
Determine the tax consequences for Jackson for 2022.
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The 10000 loan has become a bad debt in 2022 Jackson can make an election under ITA 501 ...View the full answer
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Related Book For 
Canadian Income Taxation 2022/2023
ISBN: 9781260881202
25th Edition
Authors: William Buckwold, Joan Kitunen, Matthew Roman
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