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Several years ago, Lilya took out a loan from Safe Credit Union. Lilya agreed to make monthly principal and interest payments for 1 5 years
Several years ago, Lilya took out a loan from Safe Credit Union. Lilya agreed to make monthly principal and interest payments for years
This year, the bank canceled $ of the outstanding loan. At the time, Lilya had total assets of $ and total liabilities of $
What amount of gross income does Lilya recognize as a result of the cancellation of debt?
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