Monty loaned his friend Ned $17,000 three years ago. Ned signed a note and made payments on the loan. Last year, when the remaining balance was $15,300, Ned filed for bankruptcy and notified Monty that he would be unable to pay the balance on the loan. Monty treated the $15,300 as a nonbusiness bad debt. Last year, before considering the tax implications of the nonbusiness bad debt, Monty had capital gains of $6,120 and taxable income of $49,000. During the current year, Ned paid Monty $13,770 in satisfaction of the debt.
Determine Monty's tax treatment for the $13,770 received in the current year.
The nonbusiness bad debt of $15,300 would have been reported as a short-term capital loss , and $??? would be included in Monty's gross income.
Answers: 1
Business, 22.06.2019 18:30
> > objectives define federalism and explain why the framers adopted a federal system instead of a unitary system. categorize powers delegated to and denied to the national government, and powers reserved for and denied to the states, and the difference between exclusive and concurrent powers.
Answers: 1
Business, 22.06.2019 18:40
Under t, the point (0,2) gets mapped to (3,0). t-1 (x,y) β
Answers: 3
Business, 22.06.2019 19:30
Consider the following two projects. both have costs of $5,000 in year 1. project 1 provides benefits of $2,000 in each of the first four years only. the second provides benefits of $2,000 for each of years 6 to 10 only. compute the net benefits using a discount rate of 6 percent. repeat using a discount rate of 12 percent. what can you conclude from this exercise?
Answers: 3
Business, 22.06.2019 20:40
Consider an economy where the government's budget is initially balanced. the production function, consumption function and investment function can be represented as follows y equals k to the power of alpha l to the power of 1 minus alpha end exponent c equals c subscript 0 plus b left parenthesis y minus t right parenthesis i equals i subscript 0 minus d r suppose that taxes increase. what happens to the equilibrium level of output?
Answers: 1
Monty loaned his friend Ned $17,000 three years ago. Ned signed a note and made payments on the loan...
Chemistry, 14.02.2022 06:10
Geography, 14.02.2022 06:10
Business, 14.02.2022 06:10
Computers and Technology, 14.02.2022 06:10
Mathematics, 14.02.2022 06:10
English, 14.02.2022 06:10
Physics, 14.02.2022 06:10
Mathematics, 14.02.2022 06:10