Question 4 of 50. Canceled recourse debt is treated as income because O Recourse debt...
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Question 4 of 50. Canceled recourse debt is treated as income because O Recourse debt is not subject to discharge in bankruptcy. O Recourse debt is subject to discharge in bankruptcy. The taxpayer received the benefit of the use of the money, but did not carry the burden of repayment. The taxpayer received the benefit of the use of the money, but is not personally liable for recourse debt. Mark for follow up
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