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Question 33 (1 point) Listen In 2020 Gloria loaned her son, Ted, $8,000 to help him buy a new computer. In 2021, before he repaid
Question 33 (1 point) Listen In 2020 Gloria loaned her son, Ted, $8,000 to help him buy a new computer. In 2021, before he repaid the $8,000, Gloria told Ted that she was "tearing up the $8,000 note as a graduation present. How should Ted treat the amount forgiven? excludable gift in year of loan taxable income in year of loan taxable income in year of forgiveness excludable gift in year of forgiveness
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