In which case will the taxpayer be able to exclude all income from their canceled debt?...
In which case will the taxpayer be able to
exclude all income from their canceled debt? The taxpayer:
1. Received a form 1099-C with $17,400 in box 2 and $15,700 in box
7, and they were insolvent by$15,800.
2. Had a debt of $5,400 canceled. Immediately prior to the debt,
they were insolvent by $2,750.
3. Had $11,500 of debt canceled? Immediately prior to the
cancellation, they were insolvent by $12,000.
4. Had a debt of $7,850 canceled Immediately prior to the rest,
they were insolvent by $6,500.
Homework Answers
The answer is:
3. Had $11,500 of debt canceled? Immediately prior to the cancellation, they were insolvent by $12,000.
As they 11500 is less than their insolvency amount, they will be able to exclude all income from their canceled debt
Add Answer to:
In which case will the taxpayer be able to
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in which case will the taxpayer be able to exclude all income from their cancelled debt
in which case will the taxpayer be able to exclude all income from their cancelled debt
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