60.

Jack had a $70000 debt discharged in 2015. Jack was not in bankruptcy when the debt was discharged. Jack had $100,000 in liabilities and $50000 in assets at the time the debt was discharged. How much, if any, gross income does Jack have from the $70,000 debt discharge in 2015? O A) $0, because he was insolvent. O B) $70,000 O C) $50,000 O D)$20,000 O E) None of the above