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If an amount is shown in Box 7 of Form 1099-C, this always means _ 0 A repossession or foreclosure has taken place. 0 The

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

0 A repossession or foreclosure has taken place.

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

@ The taxpayer must recognize cancellation of debt income.

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

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