in 2017, T purchased a parcel of real property for $350,000 using $25,000 in cash and $325,000 in funds borrowed from Bank. In 2019, the value of the property had declined to $250,000 and T still owed $325,000 to Bank. T has no other assets or liabilities. As a result of the decline in value of the property, Bank agreed to reduce the amount due on the loan to $295,000. Determine the amount T must include in gross income as a result of the debt forgiveness.