Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. steinar loan a friend 9000 to buy some stock 3 yea

Steinar loan a friend 9000 to buy some stock 3 years ago. I the current year...

70.2K

Verified Solution

Question

Accounting

Steinar loan a friend 9000 to buy some stock 3 yearsago. I the current year the debt became worthless. a. How much isSteinar's deduction for bad debt for this year ? Assume he has noother capital gains or losses) $----- as a -'--- bad debt. b. Whatcan Steinar do with the deduction not used this year? Theremaining$---- can carried forward as--- and deducted in futureyears , subject to ----.

Answer & Explanation Solved by verified expert
3.7 Ratings (680 Votes)
The IRS requires a detailed explanation for a baddebt deduction Your return must be accompanied by a statement that includes the following information l The nature of the debt 2 The name of the debtor and    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Ridding the cell of material by discharging it from sacs at the cell surface is...

Biology
1.2K views

Which sex chromosome is the largest A Y B R C X

Physics
1.2K views

Find the charge on the capacitor in an LRC-series circuit at t = 0.04 s...

Physics
1.2K views

Phase of current in LC 1 Is in the phase of potential 2 Leading from...

Physics
1.2K views

9 An ornament weighing 36 g in air weighs only 34 g in water Assuming...

Basic Math
1.2K views

An applicant receives a job offer from two different companies. Offer A is a starting...

Basic Math
1.2K views

Say that a game consists of two steps. First, you roll a die. If you...

Calculus
1.2K views

Some automobiles have four button locks To gain entry push four buttons in a particular...

Accounting
1.2K views

During the current year, Carl Equipment Stores had net sal es of $600 million, a...

Accounting
1.2K views

Basic stock method of stock planning is recommended for use when the annual stock turnover...

Accounting
1.2K views

which of the following is a term used to describe a departure from a prescribed...

Accounting
1.2K views

At the beginning of her current tax year, Angela purchased a zero-coupon corporate bond at...