000 Box 7 of Form 1099-C contains an amount The taxpayer's liabilities exceed the value of their assets. The tender can repossess or foreclose property securing the debt. Mark for follow up Question 15 of 75. To exclude cancellation of debt from taxation, the debtor must have a negative net worth on what date? The day before the cancellation of debt. The day after the cancellation of debt. The year immediately before the cancellation of debt. The year immediately after the cancellation of debt. Mark for follow up Question 17 of 75. No taxable income is recognized from cancellation of debt when the O Canceled debt was recourse debt. O Canceled debt was for the taxpayer's second home. https://hrblock.csod.com/Evaluations/Evallaunch aspx?oid=313c9578-3ce-4168-af93-256b285ad0ff