Business, 15.11.2019 00:31 spowell5993

Jed is an electrician. jed and his wife are accrual basis taxpayers and file a joint return. jed wired a new house for alison and billed her $15,000. alison paid jed $10,000 and refused to pay the remainder of the bill, claiming the fee to be exorbitant. jed took alison to small claims court for the unpaid amount and was awarded a $2,000 judgement. jed was able to collect the judgement but not the remainder of the bill from alison. what amount of loss may jed deduct in the current year?
a. $0
b. $3,000
c. $2,000
d. $5,000
e. none of these choices are correct.

Answers: 3

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Jed is an electrician. jed and his wife are accrual basis taxpayers and file a joint return. jed wir...