Ch 10 Quiz - uncollectible Because the loan was to a friend...

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San Jose State University Business 123A Spring 2009 Quiz Chapter 10: Name 9:00 1. T loaned $20,0O0 to her friend R in 2005. The loan was wgll_documented and an appropriate interest rate was charged. Hov,,'ever in 2009, when the note became due, it was discovered that R would not be able to repay the loan and it u'as detennined to be
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Unformatted text preview: uncollectible. Because the loan was to a friend, T may not claim any bad debt deduction related to the personal loan. True rabe t/ 2. If a corporation incurs a net operating loss, it must carry that loss forward to future tax years. Corporations may not carry back a net operating loss. True...
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