Kate acquires a principal residence in 2017 for $200,000 secured by a $180,000 mortgage. In 2022, Kate
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Kate acquires a principal residence in 2017 for $200,000 secured by a $180,000 mortgage. In 2022, Kate misses work for three months. Her employer stops paying her after ten days. In 2022 when the mortgage balance is $170,000, Kate and the bank revise her terms and lower the loan balance to $150,000. The market value of the home remains above $200,000. How much cancellation of debt income will Kate recognize?
a. $0
b. $20,000
c. $10,000
d. $150,000
e. $170,000
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Related Book For 
Income Tax Fundamentals 2023
ISBN: 9780357719527
41st Edition
Authors: Gerald E. Whittenburg, Steven Gill
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