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Salsk061 [2.6K]
2 years ago
15

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?

Business
2 answers:
serg [7]2 years ago
6 0

Answer:

$2000 of canceled debt that Marvin must report on his return

Explanation:

Please see attachment

MariettaO [177]2 years ago
3 0

Answer:

$2.000

Explanation:

First we calculate the debt incurred as the result of the cancellation by deducting liabilities with asset value as follows:

43,000 - 38,000 = $5,000

Under the insolvency exception rule Marvin can exclude the $5,000 cancelled debt from income.

7,000 - 5,000 = $2,000

Hence, Marvin must report the addition of $2,000 aside from his income on his returns.

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