Last year Aleshia identified $15,000 as a nonbusiness bad debt. In that tax year, before considering the
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Last year Aleshia identified $15,000 as a nonbusiness bad debt. In that tax year, before considering the tax implications of the nonbusiness bad debt, Aleshia had $100,000 of taxable income, of which $12,000 consisted of short-term capital gains. This year Aleshia collected $8,000 of the amount she had previously identified as a bad debt. Determine Aleshia’s tax treatment of the $8,000 received in the current tax year.
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Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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