Oscar Orsen is an officer of Atlas Company. He loaned the company $10,000 but was unable to collect it because the company went bankrupt a year after the loan was made. Oscar did not own any stock in the company and the loan was not a condition of employment. How should Oscar report this loss?
A) Nondeductible gift
B) Short-term capital loss
C) Long-term capital loss
D) Miscellaneous itemized deduction
E) Business bad debt
Correct Answer:
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