Jimmy has fallen on hard times recently. Last year he borrowed $341,000 and added an additional $91,500 of his own funds to purchase $432,500 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmys lender agreed to reduce the loan amount to $317,000.

For each of the following independent situations, indicate the amount Jimmy must include in gross income: (Leave no answer blank. Enter zero if applicable.)

A) The real estate is worth $253,000 and Jimmy has no other assets or liabilities.

B) The real estate is worth $326,300 and Jimmy has no other assets or liabilities

C)

The real estate is worth $281,700 and Jimmy has $52,000 in other assets but no other liabilities.