In 2019, Gerald loaned Main Street Bakery $55,000. In 2020, he learned that he would probably receive
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In 2019, Gerald loaned Main Street Bakery $55,000. In 2020, he learned that he would probably receive only $6,400 of the loan. In 2021, Gerald received $3,000 in final settlement of the loan. Calculate Gerald’s possible deductions with respect to the loan for 2019, 2020, and 2021.
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Based on the information provided here are the possible deductions that Gerald can claim with respec...View the full answer
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