which of the following statements regarding the reporting of sales of stock is not true

Which of the following tapa) Elizabeth, who owns assets with a fair market value of $7,500 and has no liabilities. Gabe, who owns no assets, is unemployed, and has no liabilities. Alex, who owns assets with a fair market value of $12,000, has liabilities of $12,000, and retired last vear. Maya, who owns assets with a fair market value of $6,000 and has total liabilities of $7.000, Mark for follow up Question 7 of 75. Debt canceled in a personal bankruptcy is taxable as cancellation of debt income to what extent? O All canceled debt, except for that related to real property, is taxable as cancellation of debt income. O Unsecured debt that is canceled in bankruptcy is taxable as income. Only secured debt in excess of the fair market value of the collateral is taxable as income. Debt canceled in a bankruptcy proceeding under federal law is not taxable as cancellation of debt incc OMark for follow up Question 8 of 75. Canceled recourse debt is treated as income because The taxpayer received the benefit of the use of the money but did not carry the burden of repayme The taxpayer received the benefit of the use of the money but is not personally liable for recourse Which of the following tapa) Elizabeth, who owns assets with a fair market value of $7,500 and has no liabilities. Gabe, who owns no assets, is unemployed, and has no liabilities. Alex, who owns assets with a fair market value of $12,000, has liabilities of $12,000, and retired last vear. Maya, who owns assets with a fair market value of $6,000 and has total liabilities of $7.000, Mark for follow up Question 7 of 75. Debt canceled in a personal bankruptcy is taxable as cancellation of debt income to what extent? O All canceled debt, except for that related to real property, is taxable as cancellation of debt income. O Unsecured debt that is canceled in bankruptcy is taxable as income. Only secured debt in excess of the fair market value of the collateral is taxable as income. Debt canceled in a bankruptcy proceeding under federal law is not taxable as cancellation of debt incc OMark for follow up Question 8 of 75. Canceled recourse debt is treated as income because The taxpayer received the benefit of the use of the money but did not carry the burden of repayme The taxpayer received the benefit of the use of the money but is not personally liable for recourse