Markum Corporation owes a creditor $60,000. Markum transfers property to the creditor to satisfy the debt. Markum
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Markum Corporation owes a creditor $60,000. Markum transfers property to the creditor to satisfy the debt. Markum purchased the property four years ago for
$45,000 and it is currently worth $60,000. Does Markum have any gross income as a result of this transaction?
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