Last Year,Abby Loaned Pat $10,000 as a Gesture of Their

question 104

Multiple Choice

Last year,Abby loaned Pat $10,000 as a gesture of their friendship.Although Pat had signed a note payable that contained interest payments and a maturity date,the loan had not been repaid this year when Pat died insolvent.For this year,assuming that the loan was bona fide,Abby should account for nonpayment of the loan as a(n)

• A)itemized deduction.
• B)ordinary loss.
• C)long-term capital loss.
• D)short-term capital loss.

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Definitions:

Stereotypes

Generalized beliefs or expectations about a particular group of people that may not accurately reflect reality.

Prejudice Reduction

Strategies and techniques aimed at decreasing negative biases and judgments towards certain groups.

Aversive Racism

A form of racism that manifests in subtle, indirect ways towards racial or ethnic minorities, often by individuals who identify as non-prejudiced.

Overt Expressions

Clear, visible expressions or displays of emotions, thoughts, or attitudes.