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USA ACT The value of Alioune's assets is $150,000 and he has $350,000 of debt. His creditor agreed to reduce his debts to $50,000 in

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The value of Alioune's assets is $150,000 and he has $350,000 of debt. His creditor agreed to reduce his debts to $50,000 in 2021. How much income is he taxable on as a result of the cancellation of his debt in 2021

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