Jake loaned his cousin, Arnold, $10,000 in March 2015 to open a cybercafe in Santa Barbara. Arnold
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Jake loaned his cousin, Arnold, $10,000 in March 2015 to open a cybercafe in Santa Barbara. Arnold signed a loan agreement to pay Jake 7% interest annually, with the principal due in 2018. Jake received his 2015 interest payment but did not receive any interest payment in 2016. In March 2017, Jake's father informs him that his cousin has filed for bankruptcy.
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Related Book For
Concepts In Federal Taxation 2018
ISBN: 9781337386074
25th Edition
Authors: Kevin E. Murphy, Mark Higgins
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