Question 13 of 75. Debt canceled in a personal bankruptcy is taxable as cancellation of debt income to what extent? All canceled debt, except for that related to real property, is taxable as cancellation of debt income. Unsecured debt that is canceled in bankruptcy is taxable as income. Only secured debt in excess of the fair market value of the collateral is taxable as income. Debt canceled in a bankruptcy proceeding under federal law is not taxable as cancellation of debt income. Mark for follow up Question 14 of 75. Which of the following is excluded from income even when cancellation of debt income must be recognized? Principal outstanding from credit card Principal outstanding from student loan. Credit card interest from a personal expense. Question 13 of 75. Debt canceled in a personal bankruptcy is taxable as cancellation of debt income to what extent? All canceled debt, except for that related to real property, is taxable as cancellation of debt income Unsecured debt that is canceled in bankruptcy is taxable as income. Only secured debt in excess of the fair market value of the collateral is taxable as income. Debt canceled in a bankruptcy proceeding under federal law is not taxable as cancellation of debt income. Mark for follow up Question 14 of 75. Which of the following is excluded from income even when cancellation of debt income must be recognized? Principal outstanding from credit card. Principal outstanding from student loan. Question 13 of 75. OOOO Debt canceled in a personal bankruptcy is taxable as cancellation of debt income to what extent? All canceled debt, except for that related to real property, is taxable as cancellation of debt income Unsecured debt that is canceled in bankruptcy is taxable as income. Only secured debt in excess of the fair market value of the collateral is taxable as income. Debt canceled in a bankruptcy proceeding under federal law is not taxable as cancellation of debt income. Mark for follow up