Sandy is the owner of ABC Loan Company.On June 2,2015,ABC loaned Randy $80,000.In 2016,Randy filed for bankruptcy.At that time,the bankruptcy court indicated that Randy's creditors could expect to receive 30 cents on the dollar.In August 2017 final settlement was made,and ABC received $20,000.ABC's policy is to deduct losses as soon as permitted.How much loss can ABC deduct and in which year?

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The Answer of Sandy is the owner of ABC Loan Company.On June 2,2015,ABC loaned Randy $80,000.In 2016,Randy filed for bankruptcy.At that time,the bankruptcy court indicated that Randy's creditors could expect to receive 30 cents on the dollar.In August 2017 final settlement was made,and ABC received $20,000.ABC's policy is to deduct losses as soon as permitted.How much loss can ABC deduct and in which year?

Sandy Is the Owner of ABC Loan Company