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How much of that does Jim have to include in his income

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    Assignment ID: FG133135960

    Question – In 2010 Jim loaned Patti $5,000, as a personal loan. In 2014 (when the outstanding loan is still $5,000), Patti informs Jim that she will not be able to repay the loan. In 2014, Jim has $1,000 short-term capital gain and $40,000 wage income. In 2015, Patti repays the $5,000. How much, if any, of that does Jim have to include in his income for 2015?

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