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Personal liability on a debt will be detrmined by vJhether _________ a.Box 5 of Form 1099-C is checked. b. Box 7 of Form 1099-c contains

Personal liability on a debt will be detrmined by vJhether _________

a.Box 5 of Form 1099-C is checked.

b. Box 7 of Form 1099-c contains an amount.

c. The lender can repossess or foreclose property securing the debt.

d. The taxpayer's liabilities exceed the value of their assets.

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