Question: A taxpayer received Form 1099-A with box 5 checked, indicating recourse debt. This informs the tax preparer that: a. There may be taxable income associated

A taxpayer received Form 1099-A 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. There can be capital gain from this event, but not ordinary income.

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