peter had 50,000 in student loan that was discharged when he became permanent disable how should he

Fantastic news! We've Found the answer you've been seeking!

Question:

peter had 50,000 in student loan that was discharged when he became permanent disable how should he great this discharged on in his return?

a- include 50,00 in gross income,

b- exclude 50,000 from income,

c- he can claim any amount he includes in income as a miscellaneous itemized deduction

d- he should report the discharge as an ordinary gain

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

See More Books

Posted Date: Feb 12, 2024 12:15 AM

See More Questions

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-4. Ivan and Irene paid the following in 2012 (all by check or can otherwise be...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
Carrie Carson: Carrie is a 60-year-old tai chi instructor living in Santa Fe, New Mexico. For many years, she practiced in Hollywood, and because of an acting background, she developed a clientele...
Use advertisements, online articles, and personal observations to describe the economic, social, and personal factors influencing purchases of people in the following life situations: (a) a retired...
A 285-kg load is lifted 22.0m vertically with an acceleration a = 0.160g by a single cable. Determine (a) The tension in the cable, (b) The net work done on the load, (c) The work done by the cable...
How can compensation design help mitigate agency problems?
Ramona Company incurred the following costs. 1. Sales tax on factory machinery purchased $ 5,000 2. Painting of and lettering on truck immediately upon purchase 700 3. Installation and testing of...
A hiker and his dog have discovered a skeleton hidden deep in the woods. The medical examiner has identified this skeleton as female. What characteristics of the skeleton would help the examiner make...
Question 1 (10 marks) You have been asked to review the process through which cash collections are handled in a small business. You observe that a staff member in the accounts receivable department...
A hospital has three doctors working on the night shift. These doctors can handle only three emergency cases in a time period of 30 min. On average, 1/2 an emergency case arises in each 30-min...
A baseball player usually has four at bats each game. Suppose the baseball player is a lifetime 0.25 hitter. Find the probability that this player will have: (a) Two hits out of four at bats (b) No...
The number of people arriving at a bank tellers window is Poisson distributed with a mean rate of .75 persons per minute. What is the probability that two or fewer people will arrive in the next 6...
Consider a group of 12 employees of whom five are in management and seven do clerical work. Select at random a sample of size 4. What is the probability that there will be one manager in this sample?
Consider a single toss of a fair coin, and define X as the number of heads that come up on that toss. Then X can be 0 or 1, with a probability of 50 %. The expected value of X is 1/2 . Can we expect...
Fill in the blanks: Suppose that you live near a McDonald's restaurant and you want to estimate the proportion of all people in your neighborhood who go to McDonald's on a typical day. a. If you had...
Vectors are drawn from the center of a regular n-sided polygon in the plane to the vertices of the polygon. Show that the sum of the vectors is zero.
Calculate the amount of the child and dependent care credit allowed for 2012 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. a. William and Carla...
Carl Conch and Mary Duval are married and file a joint return. They live at 1234 Mallory Sq. Apt. 64, Key West, FL 33040. Carl works for the Key Lime Pie Company and Mary is a homemaker after losing...
a. Wilson filed his individual tax return on the original due date, but failed to pay $700 in taxes that were due with the return. If Wilson pays the taxes exactly 2 months late, calculate the amount...
Calculate the ignition delay period (in deg ca) in a diesel engine using Eqns (16.15a) and (16.15b) using the conditions at the beginning of fuel injection that exist after compression in the engine...
This question is based on Fig. 16.9. An engine operating on an Otto cycle has a maximum peak pressure of $60 \mathrm{bar}$. If the pressure and temperature at the beginning of the cycle are 1.0 bar...
Compare the air-standard cycle thermal efficiencies of an Otto cycle obtained by calculating the state points around the cycle with the value obtained from Eqn (3.16) for an 'engine' operating with a...

peter had 50,000 in student loan that was discharged when he became permanent disable how should he

Question:

Expert Answer:

The detailed answer for the above question is provided below The correct answer is b exclude 50000 f... View the full answer

Income Tax Fundamentals 2013

Students also viewed these accounting questions