John owes $4 million and has assets of $10 million. He did not file personal or...
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John owes $4 million and has assets of $10 million. He did not file personal or business bankruptcy, nor was he insolvent. His creditors approve a payment plan of $.50 per dollar. The remaining 50 percent of his debt will be canceled. Daze must recognize income of
A. $0.
B. $1 million. C. $2 million. D. $3 million.
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