Vic, who was experiencing financial difficulties, adjusted his debts as follows. Determine the Federal income tax consequences from these. events. a. Vic is an attorney. Vic owed his uncle $25,000. The uncle told Vic that if he serves as the executor of his estate, Vic's debt will be canceled in the uncle's will. The $25,000 debt cancellation is Vic's gross income when the uncle dies. b. Vic borrowed $80,000 from First Bank. The debt was secured by land that Vic purchased for $100,000. Vic was unable to pay, and the bank foreciosed when the liability was $80,000, which was also the fair market value of the property. Vic has a s las a result of the foreclosure. c. The Land Company, which had sold land to Vic for $80,000, reduced the mortgage principal on the land by $12,000. The $12,000 reduction in the debt is Vic's gross income and Vic must his basis in the property