Question 16 of 75. When a debt is nonrecourse, this means the O Lender may not foreclose or repossess the property that secures the debt. Lender has no right to seek payment from the borrower for any debt in excess of collateral. Borrower may recognize ordinary income from the cancellation of debt. Borrower will not recognize gain or loss on the disposition of the property 1 Which of the following is excluded from income even when cancellation of debt income must be reco Principal outstanding from credit card. Principal outstanding from student loan. Credit card interest from a personal expense. Mortgage interest from a qualified residence. Mark for follow up Question 15 of 75. If an amount is shown in Box 7 of Form 1099-C, this always means A repossession or foreclosure has taken place. The taxpayer's debt was entirely satisfied with secured property. The taxpayer must recognize cancellation of debt income. The taxpayer will recognize gain and cancellation of debt income. Mark for follow up Question 16 of 75. When a debt is nonrecourse, this means the O Lender may not foreclose or repossess the property that secures the debt. to seek nayment from the borrower for any debt in excess of collateral. Question 15 of 75. If an amount is shown in Box 7 of Form 1099-C, this always means A repossession or foreclosure has taken place. The taxpayer's debt was entirely satisfied with secured property. The taxpayer must recognize cancellation of debt income. The taxpayer will recognize gain and cancellation of debtineeme