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Amina owes a local bank in Oklahoma of $5,500. The due date of the date...

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Accounting

Amina owes a local bank in Oklahoma of $5,500. The due date of the date was May 1, 2019.

Amina was not able to pay the debt. On December 1, 2019 decided to cancel the debt and

considered the $5,59 as uncollectible accounts.

Discuss the tax treatment for the above situation from Aminas viewpoint.

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