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CityLight Co. is struggling financially. Prior to debt renegotiations, the company's total assets were $11 million and total liabilities were $18 million. The company has

CityLight Co. is struggling financially. Prior to debt renegotiations, the company's total assets were $11 million and total liabilities were $18 million. The company has negotiated with the debtors to cancel $15 million of the outstanding debt. What amount of gross income must CityLight Co. report associated with the discharge of indebtedness? 

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