Question # 4 . Stewie loaned a friend $12,500 to buy some stock 3 years ago. In

Question

Question # 4. Stewie loaned a friend $12,500 to buy some stock 3 years ago. In the current year the debt became worthless.

a. How much is Stewie's deduction for the bad debt for this year? (Assume he has no other capital gains or losses.)

b. What can Stewie do with the deduction not used this year?

Question # 5. Ken paid the following amounts for interest during 2010:

Qualified interest on home mortgage $4,700

Auto loan interest 850

Stewie loaned a friend $12,500 to buy some stock 3 years ago. In the current year the debt became worthless. How much is Stewie's deduction for the bad debt for this year? (Assume he has no other capital gains or losses.) What can Stewie do with the deduction not used this year? Ken paid the following amounts for interest during 2010: Qualified interest on home mortgage $4,700 Auto loan interest 850 "Points" on mortgage for acquisition of personal residence. 300 Service charges on his checking account 40

Explanation / Answer

Question # 5. Ken paid the following amounts for interest during 2010:

Qualified interest on home mortgage $4,700

Auto loan interest 850

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