deb has found it very difficult to repay her loans. because of these difficulties, the bank decided to forgive one of her most recent loans, an amount of $53,500. after the loan was discharged, deb had total assets of $260,000 and her remaining loans totaled $226,000. what amount must deb include in her gross income?

Question

01-12-2022
Business

Answered

Westonci.ca is the best place to get answers to your questions, provided by a community of experienced and knowledgeable experts. Get immediate and reliable answers to your questions from a community of experienced experts on our platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

deb has found it very difficult to repay her loans. because of these difficulties, the bank decided to forgive one of her most recent loans, an amount of $53,500. after the loan was discharged, deb had total assets of $260,000 and her remaining loans totaled $226,000. what amount must deb include in her gross income?

Sagot :

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.

i need with math it say the ride-it store rents bicycles. the cost is $8.50 for 1 hour, $13.64 for 2 hours, $18.80 for 3 hours, and 23.95 for 4 hours. if the pa

You have a piece of wood that is 7 3/4 feet long. You want to cut one piece that is 3 7/12 feet long and one piece that is 4 1/12 feet long. Do you have enou

In the step by step simplification of expression below which property is not used? 3(1+x)3(x+1)3(x)+3(1)3x +3 A) associative B) commutative C) distributive D)

A laptop computer is priced at $650. If the sales tax is 5%, find the total cost of the computer, including sales tax.

You have a piece of wood that is 7 3/4 feet long. You want to cut one piece that is 3 7/12 feet long and one piece that is 4 1/12 feet long. Do you have enou

Proof: Given: Isosceles trapezoid TRAP with TR=PA Prove: Angle RTA = angle APR

A laptop computer is priced at $650. If the sales tax is 5%, find the total cost of the computer, including sales tax.

i need with math it say the ride-it store rents bicycles. the cost is $8.50 for 1 hour, $13.64 for 2 hours, $18.80 for 3 hours, and 23.95 for 4 hours. if the pa

A laptop computer is priced at $650. If the sales tax is 5%, find the total cost of the computer, including sales tax.

i need with math it say the ride-it store rents bicycles. the cost is $8.50 for 1 hour, $13.64 for 2 hours, $18.80 for 3 hours, and 23.95 for 4 hours. if the pa

contexto38 contexto38 · Answer 1 · 2022-12-05T07:49:36-05:00

The amount of entries to be computed for Deb as a part of her gross income will be $0.

Gross income can be referred to or considered as the total revenues generated by a person during a particular financial period. The gross income includes earnings and revenues from all the sources that a person may have. It does not take liabilities and insolvency into consideration.

For the above condition, Deb was not fully solvent at the time of computation of her liabilities. However, she became solvent only after selling the part of her assets. Thus,

Solvency = Total Loans - Income before sale of assets

Solvency = 226000+535000 - 0

Solvency = $(-2795,000)

Therefore, Deb does not have gross income during the accounting period.

Learn more about gross income here:

https://brainly.com/question/26479727

#SPJ4

Sagot :

Other Questions