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Required information [The following information applies to the questions displayed below.) Jimmy has fallen on...

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Accounting

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Required information [The following information applies to the questions displayed below.) Jimmy has fallen on hard times recently. Last year he borrowed $336,000 and added an additional $85,000 of his own funds to purchase $421,000 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmy's lender agreed to reduce the loan amount to $308,700. For each of the following independent situations, indicate the amount Jimmy must include in gross income (Leave no answer blank. Enter zero if applicable.) a. The real estate is worth $252,900 and Jimmy has no other assets or liabilities Scenario A Amount Includible b. The real estate is worth $315,000 and Jimmy has no other assets or liabilities. Scenario B Amount Includible c. The real estate is worth $269,400 and Jimmy has $46,900 in other assets but no other liabilities. Scenario C Amount Includible

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