TAX PROBLEM- what is the clients tax situation

1. this problem is located in the state of oklahoma

2. answer this clients tax situation by using by relevant IRC, regulations, revenue rulings,cases, etc.

USE ATLEAST 2 primary sources to answer the clients tax situation

1. how much money does he have to spend?

2. how can we save him as much money as possible?

Jim Wilson had a really great time in college, but unfortunately he also managed to charge $5,000 on his credit card. He just graduated and doesn't have a job. The credit card company has been sending him bills for $7,500 because he has not made payments for some time and has incurred many fees and interest charges. A representative from the company called and offered Jim a deal to settle his debt for a lump sum payment of $4,000. Jim Wilson 1795 North 1st Street Weatherford, OK 73096 Jim Wilson had a really great time in college, but unfortunately he also managed to charge $5,000 on his credit card. He just graduated and doesn't have a job. The credit card company has been sending him bills for $7,500 because he has not made payments for some time and has incurred many fees and interest charges. A representative from the company called and offered Jim a deal to settle his debt for a lump sum payment of $4,000. Jim Wilson 1795 North 1st Street Weatherford, OK 73096