LO.1 Six years ago, Alvin loaned his prospective brother-in-law, Bruno, $20,000. The money was used to help
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LO.1 Six years ago, Alvin loaned his prospective brother-in-law, Bruno, $20,000. The money was used to help Bruno pay for the wedding to Alvin’s sister. Shortly after the wedding, it was discovered that Bruno already was married to someone else. Before Bruno could be indicted for bigamy, he disappeared and has not been heard from since.
In 2012, Alvin dies still holding Bruno’s note. For tax purposes, what do you suggest as to the handling of Bruno’s note?
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Related Book For 
South Western Federal Taxation 2013 Corporations Partnerships Estates And Trusts
ISBN: 9781133495574
36th Edition
Authors: William H. Hoffman, William A. Raabe, James E. Smith, David M. Maloney
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