Jimmy has fallen on hard times recently. Last year he borrowed $285,000 and added an additional $62,500 of his own funds to purchase $347,500 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmys lender agreed to reduce the loan amount to $257,600. For each of the following independent situations, indicate the amount Jimmy must include in gross income:

A. The real estate is worth $195,900 and Jimmy has no other assets or liabilities.

Amount Includible ______

B. The real estate is worth $267,500 and Jimmy has no other assets or liabilities

Amount Includible ?_______

c.The real estate is worth $220,900 and Jimmy has $53,200 in other assets but no other liabilities

Amount Includible ?______