Two Years Ago,James Loaned $60,000 to His Friend

question 54

True/False

Two years ago,James loaned $60,000 to his friend.The debt is now uncollectible.If the loan created a bona fide debt,James recognizes a short-term capital loss.

---

Definitions:

Firm Size

A measure of a company's scale or magnitude, often assessed by metrics such as number of employees, total sales, or market share.

Fraud

Intentional deception or misrepresentation made by a person or entity to gain an unfair advantage or to harm another party.

Labour-Related Legislation

Laws and regulations governing employment relationships, workplace safety, minimum wage, labor rights, and other aspects of work and employment.

British Columbia

A province in Canada known for its natural beauty, including mountains, forests, and the Pacific coastline.