ebt m Question 8 of 75. Which of the following taxpayers is insolvent? ith $1 led, a ud, ai ed, a O Elizabeth, who owns assets with a fair market value of $7,500 and has no liabilities Oabe, who owns.no assets, is unemployed, and has no liabilities Alex, who owns assets with a fair market value of $12,000, has liabilities of $12,000, and retired last year. O Maya, who owns assets with a fair market value of $6,000 and has total liabilities of $7.000. Mark for follow up Question 43 of 75. What tax event must take place when a taxpayer receives a Form 1099-A? Ordinary income from the cancellation of debt must be determined. Gain or loss from the sale of property must be calculated The-lose from foreclosure of property must be subtracted from wage income Ordinary income from the abandonment of property must be calculated, Mark for follow up for 0.000. At that time is adjusted We wiven the balance of the note was 1000 U were $1,250, and resale expenses were $150. Repon ale expenses were $1.500. Repor provements prior to the resale. What is Kong's recomputed gain? O $4,200 O $6.800 O $11,000 O $14,000 0000 .com t Mark for follow up Question 43 of 75. What tax event must take place when a taxpayer receives a Form 1099-A? Ordinary income from the cancellation of debt must be determined Gain or loss from the sale of property must be calculated. the-lose from foreclosure of property must be subtracted from wrogo come Ordinary income from the abandonment of property must be calculated Mark for follow up Question 44 of 75. The source of law governing foreclosures is the O Uniform Commercial Code. State of residence for the seller of the property. State where the foreclosure takes place. O Internal Revenue Code