vic, who was experiencing financial difficulties, was able to adjust his debts as follows. Determine the Federal income tax consequences to Vic

a. vic is an attorney. Vic owed his uncle $25000. the uncle told Vic that if he serves as the executor of the uncle's estate, Vic's debt will be canceled in the uncle's will.

b. Vic borrowed $80000 from first Bank. The debt was secured by land that Vic purchased for $100000. Vic was unable to pay, and the bank foreclosed when the liability was $80000, which ws also the fair market value of the property.

C. the Land Company, which had sold land to Vic for $80000, reduced the mortgage on the land by $12000