Monty loaned his friend ned $20,000 three years ago. ned signed a note and made payments on the loan. last year, when the remaining balance was $11,000, ned filed for bankruptcy and notified monty that he would be unable to pay the balance on the loan. monty treated the $11,000 as a nonbusiness bad debt. last year, before considering the tax implications of the nonbusiness bad debt, monty had capital gains of $9,000 and taxable income of $45,000. during the current year, ned paid monty $10,000 in satisfaction of the debt. determine monty's tax treatment for the $10,000 received in the current year.

The law of demand is the assertion that ?

On june 1 of the current year, chad wilson established a business to manage rental property. he completed the following transactions during june: opened a business bank account with a deposit of $28,000 from personal funds. purchased office supplies on account, $2,690. received cash from fees earned for managing rental property, $7,390. paid rent on office and equipment for the month, $3,310. paid creditors on account, $1,230. billed customers for fees earned for managing rental property, $6,130. paid automobile expenses (including rental charges) for the month, $740, and miscellaneous expenses, $370. paid office salaries, $2,330. determined that the cost of supplies on hand was $1,590; therefore, the cost of supplies used was $1,100. withdrew cash for personal use, $2,210. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300) answer

How are credit unions similar to banks