Soccer A receives from a stor for the purchase of properties buyer of more of the debated with original Mr for op Question 14 of 75. Debr canceled in a personal bankruptcy is taxable as cancellation of debt Income to where O Unsecured debt that is canceled in bankruptcy is taxable as income. Only secured debt in excess of the fair market value of the collateralis taxable as income All canceled debt, except for that related to real property, is taxable as cancellation of debt incore. O Debt canceled in a bankruptcy proceeding under federal law is not taxable as cancellation of debt wc o Mark for follow up stion 15 of 75. ally, a non-recourse borrower will realize gain on the foreclosure or repossession is (are) greater than the borrower's tax basis in the property. cete