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Ellen, Lawyer
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In July of this year, Sam performs financial consulting services

Resolved Question:

In July of this year, Sam performs financial consulting services for William. On August 1, Sam sends William a bill for $1,200. As of September 30, Sam has not heard from William. After repeated efforts to collect the fee, Sam discovers in November that William has left the state and cannot be found. If Sam is a cash basis taxpayer, for the current year he can deduct: (Points : 1)
an $800 ordinary loss.
a $1,200 ordinary loss.
a $1,200 short-term capital loss.
a $1,200 long-term capital loss.
Submitted: 4 years ago.
Category: Homework
Expert:  Ellen replied 4 years ago.

WebLaw :

answer – 1) $-0-

WebLaw :

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Thank you very much,


can you help me with a few more?

WebLaw :

I would love to – JustAnswer policy requires you to submit new questions on a new question page

WebLaw :

you can start each question with "WebLaw"


no worries, I will do that and give you a bonus

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