Question: Mary received a Form 1 0 9 9 - C with $ 1 5 , 0 0 0 in box 2 from her credit card

Mary received a Form 1099-C with $15,000 in box 2 from her credit card company. Her Insolvency Worksheet indicated that Mary was insolvent prior to the cancellation of debt by $8,000.1. the cost basis immediately after the debt cancellation, 2. the cost basis immediately before the debt cancellation, 3. the fair market value immediately after the debt cancellation, 4. the fair market value immediately before the debt cancellation.

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