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In 2021, Helen loaned her son, Randy, $10,000 to help him buy a new computer system. In 2022, before he repaid the $10,000, Helen told
In 2021, Helen loaned her son, Randy, $10,000 to help him buy a new computer system. In 2022, before he repaid the $10,000, Helen told Randy that she was "tearing up" the $10,000 note as a graduation present. How should Randy treat the amount forgiven? excludable gift in year of loan excludable gift in year of forgiveness taxable income in year of loan taxable income in year of forgiveness
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