Which of the following accurately completed the following statement? An individu

Question

Which of the following accurately completed the following statement? An individual who is not personally liable for a debt does not have ordinary income from the calcellation of the debt unless:

A. The individual retainsa the collateral,

B. The individual retain the collateral and the lender offers a discount for the early payment of the debt,

C. The individual returns the collateral to the lender,

D. The individual returns the collateral and the lender agrees to a loan modification, reducing the principle balance of the debt

Explanation / Answer

An individual who is not personally liable for a debt does not have ordinary income from the calcellation of the debt

unless:-

The Answer is " A "

A. The Individual retains the Collateral.

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