Homework Answers
1) Question 2 of 75
A taxpayer meeting all of the other requirements, must file Form 1099-C if they cancel a debt owed to them by someone else in the amount of $600 or more.
Option (3) is a correct answer because creditors forgive $600 or more of debt if they file Form 1099-C to cancel a debt owed to them.
2) Question 3 of 75
The potential cancellation of debt income when recourse debt of $60,000 on a property with a fair market value of $48,000 is canceled is $12,000
Option (2) is a correct answer.
Income from the cancellation of the debt = Debt on a property - Fair Market Value(FMV) of property
= $60,000 - $48,000
=$12,000
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A lender would file Form 1099-A with the IRS and send the taxpayer a copy when...
Cancellation of Debt Question 1 of 75. No taxable income is recognized from cancellation of debt...
Cancellation of Debt Question 1 of 75. No taxable income is recognized from cancellation of debt when the O Taxpayer was solvent prior to the cancellation of debt. O Debt canceled was recourse debt. O Canceled debt was for the taxpayer's second home. O Cancellation of debt was intended as a gift. Mark for follow up Question 2 of 75. A taxpayer will be able to exclude all the income from their canceled debt if th O Received a Form...
Was canceled by a purchase price Would have been deductible by the taxpayer paid Canceled was...
Was canceled by a purchase price Would have been deductible by the taxpayer paid Canceled was for the mortgage on a taxpayer's second home Mark for follow up Question 3 of 75 All income from a canceled debt may be excluded from income of the taxpayer Received a Form 1099-C with $18,400 in box 2 and 516,700 in box 7 and they were insolvent by $2.900. Had a debt of $5.400 canceled, and prior to the debt, they were insolvent...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
No taxable income is recognized from cancellation of debt when the? Test - Senior Tax Specialist...
No taxable income is recognized from cancellation of
debt when the?
Test - Senior Tax Specialist Certificati Cancellation of Debt Question 1 of 75. No taxable income is recognized from cancellation of debt when the O Taxpayer was solvent prior to the cancellation of debt. O Debt canceled was recourse debt. O Canceled debt was for the taxpayer's second home. O Cancellation of debt was intended as a gift. Mark for follow up
Question 9 of 75. The potential cancellation of debt income when recourse debt of $60,000 on...
Question 9 of 75. The potential cancellation of debt income when recourse debt of $60,000 on property with a fair market value of $48,000 is canceled is SO $12,000 $48.000 $60,000 Mark for follow up
under what circumstances would a lender file form 1099A with the IRS and send the taxpayer...
under what circumstances would a lender file form 1099A with the IRS and send the taxpayer a copy
Question 7 of 75. No taxable income is recognized from cancellation of debt in which instance?...
Question 7 of 75. No taxable income is recognized from cancellation of debt in which instance? The taxpayer was solvent prior to the debt cancellation. The taxpayer uses a service to consolidate their debts. The canceled debt was for the taxpayer's second home. The debt cancellation was intended as a gift. Mark for follow up
Question 49 of 50. Ral received Form 1099-C reporting canceled credit debt of 59.000 is total...
Question 49 of 50. Ral received Form 1099-C reporting canceled credit debt of 59.000 is total m ediately tore the cancellation were $34,000. The FMV of assets immediately before the cancellation were $20.000. The canceled debt Ral will report on his return is O O O $28.000 $9,000 $6.000 $3,000 Mark for follow up Question 50 of 50.7 Vanida and her husband, Rai, have taxable income of $37.269 before calculating the taxable portion of Vanida's social security benefits. What is...
When a taxpayer receives form 1099-R with no amount entered in box 2a and code7 in...
When a taxpayer receives form 1099-R with no amount entered in box
2a and code7 in box 7 the entire distribution:
□Mark for follow up Que Question 6 of 75 Which of the following distributions is eligible for rollover treatment O The required minimum di work and is an active participant in his current employer's qualified plan. O A hardship distribution. By the time the distribution was received, the taxpayer no longer faced the hardship O A distribution of excess...
Question 5 of 50. A taxpayer will be able to exclude all the income from their...
Question 5 of 50. A taxpayer will be able to exclude all the income from their canceled debt if they O Had a debt of $8,500 canceled. Immediately prior to the debt, they were insolvent by $5,270. Had a debt of $8.750 canceled. Immediately prior to the debt, they were insolvent by $5,600. Had a debt of $15,100 canceled. Immediately prior to the cancellation, they were insolvent by $16,000. 0 Received a Form 1099-C with $20,300 in box 2 and...
Cancellation of Debt Question 1 of 75. No taxable income is recognized from cancellation of debt when the O Taxpayer was solvent prior to the cancellation of debt. O Debt canceled was recourse debt. O Canceled debt was for the taxpayer's second home. O Cancellation of debt was intended as a gift. Mark for follow up Question 2 of 75. A taxpayer will be able to exclude all the income from their canceled debt if th O Received a Form...
Was canceled by a purchase price Would have been deductible by the taxpayer paid Canceled was for the mortgage on a taxpayer's second home Mark for follow up Question 3 of 75 All income from a canceled debt may be excluded from income of the taxpayer Received a Form 1099-C with $18,400 in box 2 and 516,700 in box 7 and they were insolvent by $2.900. Had a debt of $5.400 canceled, and prior to the debt, they were insolvent...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
No taxable income is recognized from cancellation of
debt when the?
Test - Senior Tax Specialist Certificati Cancellation of Debt Question 1 of 75. No taxable income is recognized from cancellation of debt when the O Taxpayer was solvent prior to the cancellation of debt. O Debt canceled was recourse debt. O Canceled debt was for the taxpayer's second home. O Cancellation of debt was intended as a gift. Mark for follow up
Question 9 of 75. The potential cancellation of debt income when recourse debt of $60,000 on property with a fair market value of $48,000 is canceled is SO $12,000 $48.000 $60,000 Mark for follow up
Question 7 of 75. No taxable income is recognized from cancellation of debt in which instance? The taxpayer was solvent prior to the debt cancellation. The taxpayer uses a service to consolidate their debts. The canceled debt was for the taxpayer's second home. The debt cancellation was intended as a gift. Mark for follow up
Question 49 of 50. Ral received Form 1099-C reporting canceled credit debt of 59.000 is total m ediately tore the cancellation were $34,000. The FMV of assets immediately before the cancellation were $20.000. The canceled debt Ral will report on his return is O O O $28.000 $9,000 $6.000 $3,000 Mark for follow up Question 50 of 50.7 Vanida and her husband, Rai, have taxable income of $37.269 before calculating the taxable portion of Vanida's social security benefits. What is...
When a taxpayer receives form 1099-R with no amount entered in box
2a and code7 in box 7 the entire distribution:
□Mark for follow up Que Question 6 of 75 Which of the following distributions is eligible for rollover treatment O The required minimum di work and is an active participant in his current employer's qualified plan. O A hardship distribution. By the time the distribution was received, the taxpayer no longer faced the hardship O A distribution of excess...
Question 5 of 50. A taxpayer will be able to exclude all the income from their canceled debt if they O Had a debt of $8,500 canceled. Immediately prior to the debt, they were insolvent by $5,270. Had a debt of $8.750 canceled. Immediately prior to the debt, they were insolvent by $5,600. Had a debt of $15,100 canceled. Immediately prior to the cancellation, they were insolvent by $16,000. 0 Received a Form 1099-C with $20,300 in box 2 and...
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