The answers should be for Bob has either (a bad or no bad ) debt deduction. He has either (a loss or income) of $

Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at 60% of their face value and then attempts to collect these accounts. During the current year, Bob collected $94,400 on an account with a face value of $113,280. Bob has debt deduction. He has of $