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How should this person account for the collection

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Reference no: EM132172056

Question - A person incurred a $20,000 nonbusiness bad debt last year.

Also had $8,000 long -term capital gain.

The taxable income for last year was $75,000.

During the current year this person collected $12,000 on the debt. How should this person account for the collection?

Reference no: EM132172056

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