In 2016, Anna borrowed $10,000. In 2021, the debt was forgiven. Anna does not believe she should
Question:
In 2016, Anna borrowed $10,000. In 2021, the debt was forgiven. Anna does not believe she should report the forgiveness of debt as income because she received nothing at the time the debt was forgiven in 2021. Do you agree or disagree? Support your position.
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If a debt is forgiven or cancelled the amount of the forgiven debt is considered taxable income by t...View the full answer
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Deepak Sharma
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Related Book For 
Fundamentals Of Taxation 2022
ISBN: 9781264209408
15th
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander
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