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In 2016, Anna borrowed $14,500. In 2021, the debt was forgiven. Anna does not believe she should report the forgiveness of debt as income because

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In 2016, Anna borrowed $14,500. In 2021, the debt was forgiven. Anna does not believe she should report the forgiveness of debt as income because she received nothing at the time the debt was forgiven in 2021. Required: What amount of income should Anna record in her tax return in relation to debt forgone? Income to be recorded

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