Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Aug 2017 My Price 5.00

Vic is an attorney

57.              Vic, who was experiencing financial difficulties, was able to adjust his debts  as follows:

a.      Vic is an attorney. Vic owed his uncle $25,000. The uncle told Vic that if he serves as the executor of the uncle’s estate, Vic’s debt will be canceled in the uncle’s will.

b.     Vic borrowed $80,000 from First Bank. The debt was secured by land that Vic purchased for $100,000. Vic was unable to pay, and the bank foreclosed when the liability was $80,000, which was also the fair market value of the property.

c.      The Land Company, which had sold land to Vic for $80,000, reduced the mort- gage on the land by $12,000.

Determine the tax consequences to Vic.

 

 

 

 

 

Answers

(5)
Status NEW Posted 24 Aug 2017 09:08 PM My Price 5.00

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