Required information

Problem $5-60($LO $5-3)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Jimmy has fallen on hard times recently. Last year he borrowed $$301,000$ and added an additional $$71,000$ of his own

funds to purchase $$372,000$ of undeveloped real estate. This year the value of the real estate dropped dramatically, and

Jimmy's lender agreed to reduce the loan amount to $$271,100.$

For each of the following independent situations, indicate the amount Jimmy must include in gross income:

Note: Leave no answer blank. Enter zero if applicable.

Problem $5-60$ Part b $($Algo$)$

b$.$ The real estate is worth $$279,500$ and Jimmy has no other assets or liabilities.

Scenario $B$

Amount Included in Gross Income Required information

Problem $5-60($LO $5-3)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Jimmy has fallen on hard times recently. Last year he borrowed $$301,000$ and added an additional $$71,000$ of his own

funds to purchase $$372,000$ of undeveloped real estate. This year the value of the real estate dropped dramatically, and

Jimmy's lender agreed to reduce the loan amount to $$271,100.$

For each of the following independent situations, indicate the amount Jimmy must include in gross income:

Note: Leave no answer blank. Enter zero if applicable.

Problem $5-60$ Part c $($Algo$)$

c$.$ The real estate is worth $$233,900$ and Jimmy has $$43,200$ in other assets but no other liabilities. Required information

Problem $5-60($LO $5-3)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Jimmy has fallen on hard times recently. Last year he borrowed $$301,000$ and added an additional $$71,000$ of his own

funds to purchase $$372,000$ of undeveloped real estate. This year the value of the real estate dropped dramatically, and

Jimmy's lender agreed to reduce the loan amount to $$271,100.$

For each of the following independent situations, indicate the amount Jimmy must include in gross income:

Note: Leave no answer blank. Enter zero if applicable.

Problem $5-60$ Part a $($Algo$)$

a$.$ The real estate is worth $$207,600$ and Jimmy has no other assets or liabilities.Required information

Problem $5-60($LO $5-3)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Jimmy has fallen on hard times recently. Last year he borrowed $$301,000$ and added an additional $$71,000$ of his own

funds to purchase $$372,000$ of undeveloped real estate. This year the value of the real estate dropped dramatically, and

Jimmy's lender agreed to reduce the loan amount to $$271,100.$

For each of the following independent situations, indicate the amount Jimmy must include in gross income:

Note: Leave no answer blank. Enter zero if applicable.

Problem $5-60$ Part a $($Algo$)$

a$.$ The real estate is worth $$207,600$ and Jimmy has no other assets or liabilities.