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Calculate Gerald possible deductions

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Question - In 2016, Gerald loaned Main Street Bakery $55,500. In 2017, he learned that he would probably receive only $6,105 of the loan. In 2018, Gerald received $2,775 in final settlement of the loan. Calculate Gerald's possible deductions with respect to the loan for 2016, 2017, and 2018.

Reference no: EM133002610

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