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Mark for follow up Question 75 of 75 Marvin received Form 1099-C reporting canceled credit debt of $7,000. His total liabilities immediately before the cancellation
Mark for follow up Question 75 of 75 Marvin received Form 1099-C reporting canceled credit debt of $7,000. His total liabilities immediately before the cancellation were $43,000. The FMV of assets immediately before the cancellation were $38,000. What amount of canceled debt will Marvin report on his return? O $2,000 O $5,000
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