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No taxable income is recognized from cancellation of debt in which instance? * When Lisa lost her job, she had an account balance of $25,000

No taxable income is recognized from cancellation of debt in which instance?

*

When Lisa lost her job, she had an account balance of $25,000 in her 401(k). She also had an outstanding plan loan of $9,000 secured by that balance. She made no after-tax contributions. If Lisa is unable to repay the loan and elects to take a distribution, what is the mandatory withholding?

*

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