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Business, 18.02.2020 17:46 adelarangelmartinez

Earl Cook, who worked as a machinist for Precision Corp., lent Precision $1,000 in Year 1. Cook did not own any of Precision's stock, and the loan was not a condition of employment. In Year 5, Precision declared bankruptcy, and Cook's note receivable from Precision became worthless. What loss can Cook claim on his Year 5 income tax return?

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Earl Cook, who worked as a machinist for Precision Corp., lent Precision $1,000 in Year 1. Cook did...
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