Please be sure your answers are right, thank you

11. After almost one full year of unemployment, Carl Cox finds himself deeply in debt. Assume that Carl has total assets of $40,000 and total liabilities of $200,000, $175,000 of which is owed to three credit card companies. Assume also that one of the credit card companies cancels $50,000 of Carl's debt, leaving him still owing that credit card company $30,000. As a result of the debt cancellation, Carl has gross income of what amount? A $50,000 B 30,000 40,000 D 0 E None of the above 12. Taxpayer, single and age 72, reports adjusted gross income of $121,000 for 2020. During 2020, Taxpayer redeems several Series EE U.S. savings bonds, receiving $20,000 of principal and $2,000 of interest income. Assuming that Taxpayer has $14,000 of qualifying higher education expenses, how much of the $2,000 of interest income may she exclude on her 2020 federal income tax return? $1,000 B 0 1,400 D 2,000 E None of the above