Question: C corp. owed $ 8 0 , 0 0 0 to B corp. for services performed in 2 0 2 3 . In 2 0

C corp. owed $80,000 to B corp. for services performed in 2023. In 2024, the debt was fully cancelled. Immediately before the debt was cancelled, C corp. had total assets of $14,000,000 and total liabilities of $14,150,000.
What amount of gross income does C corp. recognize as a result of the cancelled debt?

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