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Problem 14-45 (LO. 2, 3, 5) Melaney has had a bad year with her investments. She lent a friend $8,000; the friend did not repay
Problem 14-45 (LO. 2, 3, 5) Melaney has had a bad year with her investments. She lent a friend $8,000; the friend did not repay the loan when it was due and then declared bankruptcy. The loan is totally uncollectible. Melaney also was notified by her broker that the Oak corporate bonds she owned became worthless on December 31, 2019. She had purchased the bonds for $22,000 on November 10, 2018. Melaney also had a $60,000 loss on the disposition of 1244 corporate stock that she purchased several years ago. Melaney is single. a. What are the nature and amount of Melaney's losses? Type of Gain or Loss Amount Before Any Limitations Property Uncollectible loan to friend Worthless Oak corporate bonds Loss on 1244 corporate stock b. What is Melaney's AGI for 2019 assuming that she has $65,000 of ordinary gross income from sources other than those discussed? c. What are the nature and amount of Melaney's loss carryforwards? in short-term capital loss carryforward and $ in long-term capital loss She has $ carryforward. Type of Gain or Loss Property Uncollectible loan to friend Worthless Long-term capital loss corporate b Ordinary loss Loss on 1 corporate s Short-term capital loss Part ordinary loss and part capital loss What is Melaney's AGI for 2019 assuming that she has $65,000 of ordir
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