QUESTION 8 Beverly's daughter-in-law, Alice, asked if Beverly could help her grandmother purchase a new car in 2018. Alice's grandmother was 65 and needed reliable transportation to travel to and from her job. The car cost $25,000, and the grandmother could pay $1,000 down. However, she could not secure affordable financing from the bank due to a previous bankruptcy. Beverly agreed to loan Alice's grandmother $24,000. The grandmother signed a loan agreement that included interest at 4.5%. The agreement also gave Beverly a security interest in the car and required payments of $300 per month In 2020, the grandmother was forced to file a second bankruptcy. At that time, she owed Beverly $19.000 on the car loan. The grandmother voluntarily returned the car to Beverly, who sold the car for $10,000 on November 12, 2020. The remaining balance on the loan is completely uncollectible. Beverly, a retired college professor, is a cash basis, calendar year taxpayer. What is the amount and character (if any) of Beverly's tax deduction for 2020? $9,000; ordinary loss $19,000; short-term capital loss $9,000; short-term capital loss $19,000; ordinary loss QUESTION 9 Brittany sold a parcel of investment real estate her son, Ridge, for $160,000. Her basis in the real estate was $175,000. During the year, Ridge sells the real estate to an unrelated third party for $185,000. How much gain or loss is recognized by Brittany on the sale to Ridge, and how much gain or loss is recognized by Ridge on the sale to the unrelated third party? $15,000 loss for Brittany; $5,000 loss for Ridge No gain or loss for Brittany, $10,000 gain for Ridge $15,000 loss for Brittany; $25,000 gain for Ridge No gain or loss for Brittany, $25,000 gain for Ridge