In 2016, Gerald loaned Main Street Bakery $55,000. In 2017, he learned that he would probably receive
Question:
In 2016, Gerald loaned Main Street Bakery $55,000. In 2017, he learned that he would probably receive only $6,400 of the loan. In 2018, Gerald received $3,000 in final settlement of the loan. Calculate Gerald’s possible deductions with respect to the loan for 2016, 2017, and 2018.
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If Gerald has a business relationship see Reg 11665b2 with Main ...View the full answer
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Related Book For 
Fundamentals Of Taxation 2019
ISBN: 9781260158670
12th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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