Question 65 of 75. Which of the following statements is correct regarding tax attributes? Generally, the amount of canceled debt must be used to reduce tax attributes in a particular order O The debtor may choose to use all or part of the amount of canceled debt to reduce the basis of depreciable property before reducing other tax attributes ? Except for credit carry overs, reduce the tax attributes S1 tor each dollar or canceled debt that is excluded tom ncome O Both statements 1 and 2 are true as they relate to tax attributes JMark for foilow up