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Jimmy has fallen on harc nes recently. Last year he borrowed $$256,000$ and added an additional $$84,000$ of his own

funds to purchase. $$340,000$ 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 $$231,600.$

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.

c$.$ The real estate is worth $$195,100$ and Jimmy has $$51,200$ in other assets but no other liabilities.