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question in 2014 michael tucker who owns a lumber yard loans one of his suppliers 5 4279374

Question

In 2014 Michael Tucker, who owns a lumber yard, loans one of his suppliers $5,000 to keep the supplier In business and prevent Tucker's lumber purchases from being delayed. In 2015, the supplier files for bankruptcy and Michael is told he will receive 15 cents on each dollar. How much of the of the debt can Michael deduct on his Schedule C in 2015? In 2015, It is determined by the bankruptcy court that Michael will receive only $300 for his $5,000 loan to the supplier. How much will he deduct on his 2015 Schedule C? If in 2015, Michael receives $1,000 (instead of the $300 in the above question) from the bankruptcy court, how should he report this transaction on his 2014 schedule C?

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