833 1. In 2020, Iris lends $25,000 to her friend Amy so that Amy can start a new business. Unfortunately, the business does not do well, Amy files for bankruptcy in 2020 and Iris believes she will only receive 54.000 back from Amy. In 2021. tris actually receives $7,500 as full payment on the loan. What are the tax results to Iris in 2020 and 20212 Arial 3 (126) > Path: P Words QUESTION 4 1. Ivan had a rough year in 2020, Ivan suffered a theft and casualties. All of these involved his jewelry business. He had a valuable ring stolen in December of 2020. It had a value of $40,000 but he had a basis of $25,000. He didn't discover the loss until January 2021. During the theft the thieves damaged other property, Property A had a basis of $35,000, a fair market value of $40,000 before the damage and $18,000 after the damage. Asset 8 was totally destroyed Its basis was $29,000 and its fair market value before it was destroyed was $20,000, Ivan was on vacation for the entire month of December, so he wasn't aware of the damage to the property until January 2021 as well. How much can Ivan deduct with respect to these events? In what year are these amounts deductible? Sve NI Awers Rick Save and Submit to save and subunit. Click Save All Answers to save all answers