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  3. in which case will the taxpayer be able to exclude

In which case will the taxpayer be able to exclude all income from their canceled...

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Accounting

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In which case will the taxpayer be able to exclude all income from their canceled debt? O The taxpayer received a Form 1099-C with $18,400 in box 2 and $16,700 in box 7, and they were insolvent by O A taxpayer had a debt of $5,400 canceled. Prior to the debt, they were insolvent by $2,750 O A taxpayer had $12,500 of debt canceled. Prior to the cancellation, they were insolvent by $13.000 O A taxpayer had a debt of $8,750 canceled. Prior to the deht they were insnlvent hi $7 500

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