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No taxable income is recognized from cancellation of debt in which instance? (a) The taxpayer was solvent prior to the debt cancellation (b) The debt
No taxable income is recognized from cancellation of debt in which instance?
(a) The taxpayer was solvent prior to the debt cancellation
(b) The debt canceled was recourse debt
(c) The canceled debt was for the taxpayer's second home
(d) The debt cancellation was intended as a gift
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