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If an amount is shown in Box 7 of Form 1099-C, this always means ___________. a. A repossession or foreclosure has taken place. b. The

If an amount is shown in Box 7 of Form 1099-C, this always means ___________.

a. A repossession or foreclosure has taken place.

b. The taxpayer's debt was entirely satisfied with secured property.

c. The taxpayer must recognize cancellation of debt income.

d. The taxpayer will recognize gain and cancellation of debt income.

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