Homework Answers
64. The individual retains the collateral and the lender offers a discount for the early payment of the debt.
An individual who is not personally liable for debt does not have ordinary income form the cancellation of the debt unless you retain the collateral and either:
The lender offers a discount for the early payment of the debt.
The lender agrees on modification into the loan that is a reduction of the principal balance of the debt.
59. Any business debt that is secured by collateral.
A non-resource debt is a debt which is secured by collateral, If the borrower defaults, the issuer can seize the collateral but cannot seek out the borrower for any further compensation,
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Question 60 of 75. Which of the following is an example of nonrecourse debt? O An automobile lease O A home mortgage where the buyer is personally liable for the debt. O A personal loan for which the borrower is not personally responsible. O Any business debt that is secured by collateral. Mark for follow up
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Which of the following accurately completes this statement? An individual who is not personally liable for debt does not have ordinary income from the cancellation of debt unless. 1. The individual retains the collateral. 2. The individual retains the collateral and the lender offers a discount for the early retirement of the debt. 3. The individual returns the collateral to the lender. 4. The individual returns the collateral and the lender agrees to a loan modification, reducing the balance of...
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OUIVORY 10,DUU. 2 Question 6 of 50. An individual who is not personally liable for a...
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Question 17 of 75. Which of the following accurately describes a general partner in a partnership?...
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Question 64 of 75. Which of these cancellations of debt would be includable income? O Recourse...
Question 64 of 75. Which of these cancellations of debt would be includable income? O Recourse debt. Nonrecourse debt. O Debt cancellation intended to be a gift. O Purchase price reduction. Mark for follow up
Question 64 of 75. Which of these cancellations of debt would be includable income? O Recourse...
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Question 60 of 75. Which of the following is an example of nonrecourse debt? O An automobile lease O A home mortgage where the buyer is personally liable for the debt. O A personal loan for which the borrower is not personally responsible. O Any business debt that is secured by collateral. Mark for follow up
UULUI OU, 00 Canceled. Immediately prior to the debt, they were insolvent by $2,750 Mark for follow up Question 10 of 75. An individual who is not personally Table for a debt does not have ordinary income from the cancellation of the debt unless the individual et personal honews se O Retains the collateral. Retains the collateral and the lender offers a discount for the early payment of the debt. Returns the collateral to the lender. Returns the collateral and...
OUIVORY 10,DUU. 2 Question 6 of 50. An individual who is not personally liable for a debt does not have ordinary income from the cancellation of the debt unless the individual Retains the collateral. Retains the collateral and the lender offers a discount for the early payment of the debt. Returns the collateral to the lender. Returns the collateral and the lender agrees to a loan modification, reducing the principal balance of the debt.
Question 17 of 75. Which of the following accurately describes a general partner in a partnership? O A partner who is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. O A partner OA partner who is personally liable for partnership debts. nonrecourse loans O A partner who adheres to generally accepted accounting principals Mark for follow up
A lender would file Form 1099-A with the IRS and send the taxpayer a copy when the O Buyer defaults on a loan secured by real property O Lender forecloses or repossesses the taxpayer's real property O Seller needs to report mortgage interest paid. Lender has canceled debt of the buyer over $600. Mark for follow up Question 2 of 75. A taxpayer meeting all of the other requirements, must file Form 1099-C if they cancel a debt owed to...
Question 64 of 75. Which of these cancellations of debt would be includable income? O Recourse debt. Nonrecourse debt. O Debt cancellation intended to be a gift. O Purchase price reduction. Mark for follow up
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Which of the following taxpayers is insolvent? Elizabeth, who owns assets with a fair market value of $7,500 and has no liabilities. Gabe, who owns no assets, is unemployed, and has no liabilities. Alex, who owns assets with a fair market value of $12,000, has liabilities of $12,000, and retired last year. Maya, who owns assets with a fair market value of $6,000 and has total liabilities of $7,000. OMark for follow up Question 7 of 75. Debt canceled in...
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