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Annual Federal Tax Refresher Course

EXAM

CPE D

CHANGE COURSE

DASHBOARD

YOU HAVE A MAXIMUM OF $3$ CONTINUOUS HOURS TO COMPLETE THE $100$ QUESTION TEST.

Question $60$ of $100$

$(1)1h$:$10m$:$31s$

LIBRARY

REPORTING

Peter had $$50,000$ in student loans that were discharged when he became permanently disabled. How should he treat the discharge on his tax return?

Include $$50,000$ in gross income

Exclude $$50,000$ from his income.

He can claim any amount he includes in income as a miscellaneous itemized deduction.

He should report the discharge as an ordinary gain.

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$10/27/2024$