Ask Question
BusinessBusiness
18 June, 00:53

Which of these cancellations of debt would be includable in income?

Recourse debt.

Nonrecourse debt.

Debt cancellation intended to be a gift.

Purchase price reduction.

+4
Answers (1)
  1. 18 June, 01:07
    0
    Recourse debt.

    Explanation:

    Cancelled recourse debt are included as income and are taxable. Taxpayer get the benefit for using the money but does not have burden to repay the amount. These are mainly, prizes, awards on winning any contest etc. Debt which are forgiven or cancelled by lender are considered as Income and taxable. The law say that income from discharge of indebtness are included as income.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Which of these cancellations of debt would be includable in income? Recourse debt. Nonrecourse debt. Debt cancellation intended to be a ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
In 2019, Muhammad purchased a new computer for $16,000. The computer is used 100% for business. Muhammad did not make a $179 election with respect to the computer. He does not claim any available additional first-year depreciation. Required: 1.
Answers (1)
A jeweler assesses the value of a flawless white diamond as considerably more than that of a rhinestone. which function of money does this illustrate?
Answers (1)
A total-cost curve shows the relationship between the a. total cost of production and profit. b. quantity of output produced and the total cost of production. c. quantity of an input used and the total cost of production. d.
Answers (1)
A sales manager announces that all weekly sales reports must be submitted via e-mail, rather than hardcopy. However, some of the veteran staff members are still putting their reports in the manager's office mailbox.
Answers (1)
PB14. LO 4.8A leather repair shop incurred the following expenses while repairing luggage for a major airline.
Answers (1)
New Questions in Business
According to Debra, the vice president of Theo Chocolate, the most important marketing vehicle the company has is: a. the fair trade certification. b. free product giveaways. c. tours of its factories. d. the unique varieties of chocolates it offers.
Answers (1)
A country that exports less than it imports will end up having to borrow money True or False if false why?
Answers (1)
A client's condition has resulted in a decrease in work demands of most cells in the body. Which change within the cell will likely result from this decrease in work?
Answers (1)
At the scene of the crime, the evidence collector found a damp, bloody shirt. the evidence collector quickly wrapped the shirt in a paper bindle. he inserted the paper bindle with the shirt into an evidence bag.
Answers (1)
What may managers rely on to decide if they'd like to interview a candidate in person?
Answers (1)
Home » Business » Which of these cancellations of debt would be includable in income? Recourse debt. Nonrecourse debt. Debt cancellation intended to be a gift. Purchase price reduction.
Sign Up Forgot Password?