Several years ago john johnson, who is in the lending business, loaned sara $30,000 to purchase an automobile to be used for personal purposes. in august of the current year, sara filed for bankruptcy, and john was notified that he could not expect to receive more than $4,000. as of the end of the current year, john has received $1,000 of the expected $4,000. john has contacted you about the possibility of taking a bad debt deduction for the current year. complete the letter to john that contains your advice as to whether he can claim a bad debt deduction for the current year.

Acontractor was awarded a purchase order for commercial items for $1.5 million under the authority of far subpart 13.5. the purchase order was issued in november 2010 and containedall applicable clauses that were current as of the date of the purchase order. under the purchase order, the contractor is required to comply with a small business subcontracting plan that contains all of the required elements. which of the following is true? a.the contractor must submit a standard form 294, subcontracting report for individual contracts. b.the contractor must submit an individual subcontracting report through the electronic subcontracting reporting system (esrs). c.the contractor may submit either an sf 294 or report its subcontracting through esrs. d.the contractor is not required to submit any subcontracting reports.