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Ms. Quint sadly concluded that a $7,500 debt owed to her by Mr. and Mrs. Lammas is uncollectible. Compare the tax consequences to Ms. Quint

Ms. Quint sadly concluded that a $7,500 debt owed to her by Mr. and Mrs. Lammas is uncollectible. Compare the tax consequences to Ms. Quint if the debt arose because she extended credit to Mr. and Mrs. Lammas in a business transaction or if the debt arose because she loaned them money for personal reasons.

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