Question: a taxpayer received form 1099A with box 5 checked indicating recourse debt. this informs the tax preparer that: a. there may be taxable income associated

a taxpayer received form 1099A with box 5 checked indicating recourse debt. this informs the tax preparer that: a. there may be taxable income associated with this event b. there cannot be taxable income associated with this event c. this document is not reporting cancellation os debt income so this is not relevant unless a form c is also received d. there can capital gain from this event but not ordinary income

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