ch-7... home work

ch-7... home work - Home work Ch-7 Question #28 1. Mr. John...

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Unformatted text preview: Home work Ch-7 Question #28 1. Mr. John Johnson (Date 03/04/2012) 100 Tyler Lane, Erie PA 16563 Hello John The purpose of this letter is to inform to about bad debts deductions. Your loan to Sara is a nonbusiness bad debt, for that reason you are not allowed to take as bad debts deduction for partial worthless. Furthermore, you will be able to take bad debts deduction in that year in which debt becomes worthless. If you have any question regarding this matter, please let me through voice or internet. Sincerely, ABC CPA Company 2. Memo (Date 03/04/12) For tax files Issue: bad debts deductions Johns loan to Sara is a nonbusiness bad debt, for that reason you are not allowed to take as bad debts deduction for partial worthless. Furthermore, you will be able to take bad debts deduction in that year in which debt becomes worthless. Question #31 Amount Salaries 90000 Loss on sale (105000) Gain on sale 20000 Nonbusiness bad debts (19000) Net short term capital gain 1000 Home work Ch-7 ---------...
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ch-7... home work - Home work Ch-7 Question #28 1. Mr. John...

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