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Required information [The following information applies to the questions displayed below.] Jimmy has fallen on hard time
Posted: Sun Jul 03, 2022 4:11 pm
by answerhappygod
- Required Information The Following Information Applies To The Questions Displayed Below Jimmy Has Fallen On Hard Time 1 (29.62 KiB) Viewed 10 times
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Required information [The following information applies to the questions displayed below.] Jimmy has fallen on hard times recently. Last year he borrowed $298,000 and added an additional $92,500 of his own funds to purchase $390,500 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 $277,700. For each of the following independent situations, indicate the amount Jimmy must include in gross income: (Leave no answer blank. Enter zero if applicable.) b. The real estate is worth $284,550 and Jimmy has no other assets or liabilities. Amount Included in Gross Income Scenario B
c. The real estate is worth $239,000 and Jimmy has $51,300 in other assets but no other liabilities. Amount Included in Gross Income Scenario C