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QUESTION 1 If a taxpayer is insolvent by $10,000 prior to having a $50,000 loan forgiven, how much of the $50,000 discharge of indebtedness does

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QUESTION 1 If a taxpayer is insolvent by $10,000 prior to having a $50,000 loan forgiven, how much of the $50,000 discharge of indebtedness does the taxpayer have to include in gross income? O a. none b. $10,000 OC. $40,000 O d. $50,000

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