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What are the relevant internal revenue codes

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Reference no: EM132749022

Question - George Brown is a famous country-and-western singer. As an investment, George started a chain of barbecue restaurants called George's Wonderful Ribs. George's friends and associates invested $300,000 in this venture. The restaurant chain failed, and the investors lost all their money. Because of his visibility and status in the entertainment community, George felt that he personally had to make good on the losses suffered by the investors to protect his singing and business reputation. Consequently, he personally paid $500,000 to reimburse the investors for their losses.

1. What are George's tax consequences (if any) from the reimbursement?

2. What are the relevant internal revenue codes?

Reference no: EM132749022

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