es to shop and has found it very difficult to repay her loans and credit card se of these difficulties, the bank decided to forgive one of her most recent 13. Mercedes lik After the loan was discharged, Mercedes had total assets of loans, an $200,000 and her remaining loan her gross income? amount of $ 30,000. s total $175,000. What amount must Mercedes include in a. $15,000 b. $30,000 c. $25,000 d. $28,000 e. Zero - Mercedes was not solvent when the loan was discharged 14. Victor deducted $3,000 of state income taxes on h received a state income tax refund of $595. What amount of the refund, if any, sh include in his gross income if last year his total itemized deduc is tax return last year. This year he ould Victor tions exceeded the standard deduction by $300? a. $2,705 b. $300 c. $5 d. $595 e. None of these - refunds of state incorne taxes are not included in gross income