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help [The following information applies to the questions displayed below.] Jimmy has fallen on hard times recently. Last year he borrowed $256,000 and added an
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[The following information applies to the questions displayed below.] Jimmy has fallen on hard times recently. Last year he borrowed $256,000 and added an additional $84,000 of his own funds to purchase $340,000 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 $231,600. For each of the following independent situations, indicate the amount Jimmy must include in gross income: Note: Leave no answer blank. Enter zero if applicable. Problem 5-60 Part b (Algo) b. The real estate is worth $238,100 and Jimmy has no other assets or liabilities Step by Step Solution
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