Case Stucy Scenario Information The following scenario information will be used

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Case Stucy Scenario Information The following scenario information will be used to complete a return using the detailed informa Click here to open the Case Study scenario document (this will open in a new window) uestion 70 of 75. ere is the Wrights' cancellation of debt income reported on their tax return? O As a deduction on their Schedule A On line 14 of their Form 1040, with Form 4797 attached D On line 13 of Form 1040, with Schedule D attached On line 21 of Form 1040 Mark for follow up uestion 71 of 75. hat is the amount reported on Form 982, Reduction of Tax Attribures Due to Discharge of l ) The Wrights are required to file Form 982, but there is no entry on line 10a ess, that is appl The Wrights are required to file Form 982 with $6,000 entered as the amount on line 10a

Explanation / Answer

Question 70

Wrights cancellation of debt income will be reported on Line 21 of Form 1040 as it is the additional taxable income due to forgiven debt on its tax return.

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