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What is the amount and character of Alicia loss

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QUESTION - Alicia works full-time as an accountant and is a shareholder in Jackson Corporation. Several years ago, Alicia loaned the corporation $50,000. This year, Jackson experienced financial difficulty and sought to restructure its debt commitments. Alicia agreed to take $45,000 in satisfaction of the outstanding loan. Assuming this debt was not evidenced by a security and Alicia is not in the business of lending money, what is the amount and character of Alicia's loss on satisfaction of the debt?

Reference no: EM133050687

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