What planning tips might you give to Dana? Were any mistakes made?
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 28P
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Question
![Dana Andrews advanced $93, 000 to her nephew in 2016 to enable him to attend a private university. Over
the next few years, the nephew repays Dana $16,000 on the loan. However, seven years later Dana comes
to you to determine whether she can claim a bad debt deduction for the $77,000 the nephew has not
repaid. What planning tips might you give to Dana? Were any mistakes made?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa1abe6a9-7980-47de-8bf6-8843e99c818c%2F584dff6d-29b4-494f-aa31-0f07d3cf1fd5%2Fiv33svjj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Dana Andrews advanced $93, 000 to her nephew in 2016 to enable him to attend a private university. Over
the next few years, the nephew repays Dana $16,000 on the loan. However, seven years later Dana comes
to you to determine whether she can claim a bad debt deduction for the $77,000 the nephew has not
repaid. What planning tips might you give to Dana? Were any mistakes made?
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