Form 1040-Gross Income Exam Question 1 of 20 Select the best answer. taxpayer wh

Question

Form 1040-Gross Income Exam Question 1 of 20 Select the best answer. taxpayer who is insolvent has a debt discharged in bankruptcy that was used to secure land used in his farming operation. Which of the following exclusions from income for cancellation of indebtedness under IRC 5108 must be used in this situation? O A. A discharge of indebtedness occurring in a Title 11 bankruptcy case O B. A discharge occurring when the taxpayer is insolvent O C. A discharge of qualified farm indebtedness O D. A discharge of qualified real property business indebtedness Submit Answers

Explanation / Answer

ans: option c

Provision: Gross income shalln't include but for this section would have been icludible in gross income of the assessee by the reson of discharge of the indebteness of the taxpayer if:

a) the indebtness discharged is a qualified farm indebtness.

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