[The following information applies to the questions displayed below.] Jimmy has fallen on hard times recently. Last year he borrowed $278,000 and added an additional $54,500 of his own funds to purchase $332,500 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmy's lender agreed to reduce the loan amount to $250,900. For each of the following independent situations, indicate the amount Jimmy must include in gross income: (Leave no answer blank. Enter zero if applicable.) b. The real estate is worth $257,800 and Jimmy has no other assets or liabilities. Scenario B Amount Includible