Ember's home was foreclosed on May 15th, 2020. On October 13th, she received a Form...
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Accounting
Ember's home was foreclosed on May 15th, 2020. On October 13th, she received a Form 1099-C for cancellation of debt. The fair market value of her home was less that the amount owed, so the cancellation was for $15,885. Which of the following exclusions is she most likely to qualify for?
Insolvency.
Bankruptcy.
Qualified principal residence indebtedness.
Qualified real property indebtedness.
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