To what extent is debt cancelled in a personal bankruptcy taxable as cancellation of debt income?

Cancellation of Debt Question 58 of 80. Which of the following is an example of nonrecourse debt? O An automobile lease. C A home mortgage where the buyer is personally liable for the debt. A personal loan for which the borrower is not personally responsible. O Any business debt that is secured by collateral. Mark for follow up Question 59 of 80. To what extent is debt cancelled in a personal bankruptcy taxable as cancellation-of-debt i All cancelled debt, except for that related to real property, is taxable as cancellation-of-debt i O O unsecured debt that is cancelled in bankruptcy is taxable as income only secured debt in excess of the fair market value of the collateral is taxable as income. O Debt cancelled in a bankruptcy proceeding under federal law is not taxable as cancellation Mark for follow up estion 60 of 80. ose the correct answer to complete the following sentence. Income from cancell s only excluded from income if the buyer is insolvent. s not excludible from income if the buyer is insolvent. ay be excluded to the extent the buyer has negative net worth. taxable to the extent that the buyer has negative net worth