Jezebel Loaned Her Friend $7,000 to Buy a Used Car

question 95

Essay

Jezebel loaned her friend $7,000 to buy a used car.She had her friend sign a note with repayment terms and set a reasonable interest rate on the note because she wanted her friend to understand that this was purely a loan and not a gift.Her friend is now on disability and has made it clear she has no way of paying back the loan.How should Jezebel treat the bad loan for tax purposes?

Recognize migration patterns of African Americans in the early twenty-first century.

Identify cities with the largest African-American populations as of 2004.

Understand the identification of American Hispanics as blacks in terms of percentages.

Know the percentage of blacks in the total American population as of 2000.

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Definitions:

Hiring of Substitutes

The practice, particularly noted during the Civil War, where individuals who were drafted would pay others to serve in their place in the military.

Southern Offensive Operations

Military strategies or campaigns initiated by forces in the Southern part of a region or country, often referring to actions during wartime.

Fort Henry

A historical military fortification in Kingston, Ontario, Canada, originally built during the War of 1812 to protect the British-Canadian border from potential American attacks.

Gettysburg

A historic town in Pennsylvania, known as the site of a pivotal Civil War battle in 1863 and Abraham Lincoln's Gettysburg Address.