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QUESTION 10 1 Jerry was paying off ris mortgage over a 30-year period at a very favorable interest rate. The bank was losing money on

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QUESTION 10 1 Jerry was paying off ris mortgage over a 30-year period at a very favorable interest rate. The bank was losing money on it so they made him an offer. The outstanding debt was $150,000, but they said if he was willing to pay it off in full immediately, they would take $140,000 in full payment. Jerry accepted the offer and his entire $150.000 debt was discharged (wiped off) in exchange for his payment of $140,000. How much must Jerry include in his gross income as a result of this transaction? O Zero. $10,000. $140,000 O $150,000

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