Indicate whether the following statements are "True" or "False" regarding the tax effect of business...
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Accounting
Indicate whether the following statements are "True" or "False" regarding the tax effect of business versus nonbusiness bad debts.
a. Nonbusiness bad debts are deducted as ordinary losses, while business bad debts are treated as short-term capital losses.
b. Nonbusiness bad debt treatment is limited to noncorporate taxpayers
c. If a loan is made in some capacity that qualifies as a trade or business, nonbusiness bad debt treatment is avoided.
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