Question: AP 2 4 . Raelyn has been significantly affected by a downturn in the economy and has had several loans canceled or forgiven by the

AP24. Raelyn has been significantly affected by a downturn in the economy and has had
several loans canceled or forgiven by the lender.
Credit card debt forgiven of $14,000
Auto loan forgiven of $19,500
Loan from her brother forgiven of $8,000 due to his generosity
Principal home mortgage forgiven by the bank of $155,000
Raelyn did not file for bankruptcy. How much of the above must she include in her taxable
income?
AP24. Raelyn has been significantly affected by a downturn in the

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