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3. James has a personal nonbusiness loan of $20,000 to Mike. In year 2018, James was informed that Mike was under financial distress and he

3. James has a personal nonbusiness loan of $20,000 to Mike. In year 2018, James was informed that Mike was under financial distress and he could repay only $15,000 back to James. What is James's deductible loss

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