In 2021, Son loses his job and he is able to reduce his mortgage debt on his principal residence by $30,000 and remains solvent. Explain how much cancellation of debt income Son will recognize and what exception provision might apply, if any. Son recognize any cancellation of debt income. Because it possesses the apply (over both insolvency and qualified principal residence debt). priority, the bankrup

In 2021 , Son loses his job and he is able to reduce his mortgage debt on his principal residence by $30,000 and remains solvent. Explain how much cancellation of debt income Son will recognize and what exception provision might apply, if any. Son recognize any cancellation of debt income. Because it possesses the prontity, the bankony apply (over both insolvency and qualified principal residence debt). In 2021, Son loses his job and he is able to reduce his mortgage debt on his principal residence by $30,000 and remains solvent. Explain how much cancellation of debt income Son will recognize and what exception provision might apply, if amy: Son recognize any cancellation of debt income. Because it possesses the prionty, the barbrugter ecription provinasia apply (over both insolvency and qualified principal residence debt)