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What irc section code does this refer to

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Question - Brian loaned $20,000 to his co-worker to begin a new business several years ago. If his co-worker declares bankruptcy on June 22 of the current year, is Brian

1) Allowed to deduct the bad debt loss this year?

2) What IRC Section code does this refer to?

3) If he can deduct the loss, what is the character of the loss?

Reference no: EM133153149

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