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During the past tax year, Jane identified $50,000 as a nonbusiness bad debt. In that tax year, Jane had $100,000 of taxable income, of which $5,000 consisted of short-term capital gains. During the current tax year, Jane collected $10,000 of the amount she had previously identified as bad debt. Discuss Jane's tax treatment of the $10,000 received in the current tax year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940403

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