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Marvin received Form-c reporting canceled credit debt of $7000. His total liabilities immediately before the cancellation were $43000. the FMV of assets immediately before were

Marvin received Form-c reporting canceled credit debt of $7000. His total liabilities immediately before the cancellation were $43000. the FMV of assets immediately before were $38000. What amount of canceled debt will Marvin report on his return?

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