Question 37 of 75 A taxpayer received Form 1099-A with box 5 checked, indicating recourse debt. This informs the tax prepare that There may be taxable income associated with this event There cannot be taxable income associated with this event. This document is not reporting cancellation of debt income, so this is not relevant unless a Form 1099-C is also received There can be capital gain from this event, but not ordinary income Mark for follow up Summary Later Next