Marvin received Form 1099-C reporting canceled credit debt of $7,000. His total liabilities immediately before the cancellation were $43,000. The FMV of assets immediately before the cancellation were $38,000. What amount of canceled debt will Marvin report on his return? a. $0b. $2,000 c. $5,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Marvin received Form 1099-C reporting canceled credit debt of $7,000. His total liabilities immediately before the cancellation were ...” 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
The task environment of top-notch sewing consists of just two groups, customers and stockholders, who give the employees and management of top-notch the daily tasks that the company's employees will handle.
Answers (1)
A domestic producer of baby carriages, Pramble, buys the wheels from a company in the north of England. Currently the wheels cost $4 each, but for a number of reasons the price will double.
Answers (1)
The process of organizing information we receive by filling in missing information is called
Answers (1)
You run a food business and have the opportunity to participate in a pop-up food stand that will run for a weekend. You usually aren't open at all on weekends, and you will need more supplies than usual if you participate.
Answers (1)
If it costs $120,000 for the airline company to fly the 200-seat plane across the country, then they should never sell a ticket for less than $600. Group of answer choicesTrue/False?
Answers (1)
New Questions in Business
Which education savings plan can be used for the K through 12 expenses as well as post secondary expanses
Answers (2)
What is a progressive income tax? a. Tax rate remains the same regardless of income. c. the average tax rate goes up when income goes up. b. The average tax rate goes down when income goes up. d. A tax that is measured at the margin.
Answers (2)
In the market for used cars, the demand and supply equations are given by qd = 12,000 - 0.4p and qs = 0.1p + 5,000, where p is the price per car and q measures the quantity of cars. what happens at a price floor of $20,000?
Answers (1)
2. Winners and losers from free trade Consider the market for meekers in the imaginary economy of Meekertown. In the absence of international trade, the domestic price of meekers is $40. Suppose that the world price of meekers is $39.
Answers (1)
An economic system: A. requires a grouping of private markets linked to one another. B. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem. C.
Answers (1)