Solution-How much of that does Jim have to include in his

How much of that does Jim have to include in his income

Reference no: EM133135960

Question - In 2010 Jim loaned Patti $5,000, as a personal loan. In 2014 (when the outstanding loan is still $5,000), Patti informs Jim that she will not be able to repay the loan. In 2014, Jim has $1,000 short-term capital gain and $40,000 wage income. In 2015, Patti repays the $5,000. How much, if any, of that does Jim have to include in his income for 2015?

Reference no: EM133135960

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How much of that does Jim have to include in his income

Reference no: EM133135960

Reference no: EM133135960

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Accounting Basics Questions & Answers

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Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

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