Which of the following accurately completes this statement? An individual who is not personally liable for...
Which of the following accurately completes this
statement? An individual who is not personally liable for debt does
not have ordinary income from the cancellation of debt
unless.
1. The individual retains the collateral.
2. The individual retains the collateral and the lender offers a
discount for the early retirement of the debt.
3. The individual returns the collateral to the lender.
4. The individual returns the collateral and the lender agrees to a
loan modification, reducing the balance of the debt.
Homework Answers
4. The individual returns the collateral and the lender agrees to a loan modification, reducing the balance of the debt.
Explanation: An individual who is not personally liable for debt does not have ordinary income from the cancellation of debt unless, you retain the collateral and either:
- The lender offers a discount for the early payment of the debt
- The lender agrees to a loan modification that results in the reduction of the principal balance of the debt
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