You loaned your roommate $4,500 for next semesters tuition. Your roommate promised to pay you...
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Accounting
You loaned your roommate $4,500 for next semesters tuition. Your roommate promised to pay you back next semester from his summer employment. However, next summer, you realized that your roommate never found a job but vacationed all summer in Europe. He emails you and informs you of his inability to pay off his debt. Can you claim any tax deduction? Focus primarily on the Internal Revenue Code for your research.
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