Question: Exercise 7-21 (Algorithmic) (LO. 1) Last year, Jane identified $67,800 as a nonbusiness bad debt. In that tax year before considering the tax implications of

Exercise 7-21 (Algorithmic) (LO. 1) Last year, Jane identified $67,800 as

Exercise 7-21 (Algorithmic) (LO. 1) Last year, Jane identified $67,800 as a nonbusiness bad debt. In that tax year before considering the tax implications of the nonbusiness bad debt, Jane had $135,600 of taxable income, of which $6,780 consisted of short-term capital gains. This year, Jane collected $13,560 of the amount she had previously identified as a bad debt. Jane deducted an overall 3,000 net short-term capital loss in the past year. Therefore, Jane would have to include $ 13,560 X in gross income in the current year

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