60. [LG 3] Jimmy has fall- on hard times recently. Last year be borrowed $250,000 and added an additional $50,000 of his own funds to purchase $300,000 of undeveloped real estate. This year the value of the real estate dropped dramatically and Jimmy's lender agreed to reduce the loan amount to $230,000. For each of the following independent situations, indicate the amount Jimmy mustindudeingrossincomeandexplainyouranswer. a. The real estate is worth $125,000 and Jimmy has no other assets or liabilities. h. The real estate is worth $235,000 and Jimmy has no other assets or liabilities. c. The real estate is worth $200,000 and Jimmy has $45,000 in other assets but no other liabilities. a. Jimmy recognizes no income. The loan redaction generates $20,000 of income from discharge of indebtedness, but Jimmy can exclude this income because he is insolvent even after the discharge (assets of $125,000 versus liabilities of$230,000)