what is the potential cancellation of debt income when the resource get is 60000 on the...

Question

Question

what is the potential cancellation of debt income when the resource get is 60000 on the property with fair market value of 48000 is canceled

Answer 1

Answer #1

COD income = Canceled amount - Fair market value

= $60,000 - $48,000

= $12,000

Answer 2

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