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Vito is having financial difficulties. Among other debts, he owes More Bank $300,000. Rather than lend Vito more money to help him out, More Bank
Vito is having financial difficulties. Among other debts, he owes More Bank $300,000. Rather than lend Vito more money to help him out, More Bank agrees to reduce his debt to $200,000. For each scenario below, enter the amount Vito must recognize in gross income. If an amount is zero, enter "0". a. Vito's assets total $600,000 and his liabilities are $400,000 before the $ forgiveness of debt. b. Vito's assets total $600,000 and his liabilities are $800,000 before the $ forgiveness of debt
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