Amina owes a local bank in Oklahoma of $5,500. The due date of the date was May 1, 2019.
Amina was not able to pay the debt. On December 1, 2019 decided to cancel the debt and considered the $5,59 as uncollectible accounts.
Discuss the tax treatment for the above situation from Amina’s viewpoint.

Answer rating: 100% (QA)

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