Discuss the treatment of a business

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1. Discuss the treatment of a business bad debt when the business also has long-term capital gains.

2. Many years ago, Jack purchased 400 shares of Canary stock. During the cur- rent year, the stock became worthless. It was determined that the company "went under" because several corporate officers embezzled a large amount of company funds. Identify the relevant tax issues for Jack.

Reference no: EM13987650

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