Three years ago, sharon loaned her sister $30,000 to buy a car. a note was issued for the loan with the provision for monthly payments of principal and interest. last year, sharon purchased a car from the same dealer, hank's auto. as partial payment for the car, the dealer accepted the note from sharon's sister. at the time sharon purchased the car, the note had a balance of $18,000. during the current year, sharon's sister died. hank's auto was notified that no further payments on the note would be received. at the time of the notification, the note had a balance due of $15,500. what is the amount of loss, with respect to the note, that hank's auto may claim on the current year tax return?

R& m chatelaine is one of the largest tax-preparation firms in the united states. it wants to acquire the tax experts, a smaller rival. after the merger, chatelaine will be one of the two largest income-tax preparers in the u.s. market. what should chatelaine include in its acquisition plans? it should refocus its attention from the national to the international market. in addition to acquiring the tax experts, it should also determine the best way to drive independent "mom and pop" tax preparers out of business. chatelaine will need to explain to the federal trade commission how the acquisition will not result in an increase in prices for consumers. chatelaine should enter a price-based competition with its other major competitor to force it out of business and become a monopoly.