James is in the business of debt collection. He purchased a $$50,000($face

value$)$ account receivable from Green Corporation for $$38,000$ on $6/15/22.$ Good

deal $$ he thought $$I$$ll collect this $$50,000$ someday! He held out HOPE! But

things did not move quickly. FINALLY $-$ During $2024,$ he collected $$32,000$ in

FINAL settlement of the account, on $9/30/24!$ What amount of bad debt deduction

$$ if any $-$ can James take in the $2022,2023,$ and $2024$ current year, and will it be

treated as an ordinary business loss or a short$-$term capital loss or a long$-$term

capital loss? Explain.