Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During 2018 Mary had $20,000 of nonbusiness bad debts. She also had $18,000 if capital gains on stock sales. During 2019 she was repaid $3,000
During 2018 Mary had $20,000 of nonbusiness bad debts. She also had $18,000 if capital gains on stock sales. During 2019 she was repaid $3,000 of the $20,000 debt. How much must Mary report as taxable income in 2019?
$0 $20,000 $3,000 $2,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started