Question: Problem 3-18 Bad Debts (LO 3.10) Taise 44 Steinar loaned a friend $9,500 to buy some stock 3 years ago. In the current year

Problem 3-18 Bad Debts (LO 3.10) Taise 44 Steinar loaned a friend

Problem 3-18 Bad Debts (LO 3.10) Taise 44 Steinar loaned a friend $9,500 to buy some stock 3 years ago. In the current year the debt became worthless. a. How much is Steinar's deduction for the bad debt for this year? (Assume he has no other capital gains or losses.) as a nonbusiness bad debt. b. What can Steinar do with the deduction not used this year? The remaining $ can be carried forward as a short term loss and deducted in future years, subject to an annual limitation

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