In which case will Jenny and Justin Tucker be able to exclude all income from their canceled debt?
A)They received a Form 1099-C with $15,400 in box 2 and $12,700 in box 7, and they were insolvent by $3,200.
B)They had a debt of $4,500 canceled. Prior to the debt, they were insolvent by $3,565.
C)They had $14,800 of debt canceled. Prior to the cancellation, they were insolvent by $21,300.
D)They had a debt of $9,725 canceled. Prior to the debt, they were insolvent by $9,000.
Solution: Option(B) is correct
In case of a debt of $4,500 canceled. Prior to the debt, they were insolvent by $3,565. This is the case in which jenny and justin tucker will be able to exclude all income from their canceled debt.
In which case will Jenny and Justin Tucker be able to exclude all income from their...
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