Question 62 of 75. What are tax attributes? O Amounts of canceled debt that woul

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Question 62 of 75. What are tax attributes? O Amounts of canceled debt that would be deductible if paid O The basis of certain assets, tax credits, carryovers, or transactions that have value but must be reduced due to discharge of a O Restructured mortgage payments that reduce the principal balance of a home loan for insolvent taxpayers O Student loan debt cancellation that is exempt from income) for recent graduates of medical and dental taxpayer's debt school who agree to work in rural or blighted urban areas Mark for tollow up

Explanation / Answer

Ans 2 ) The basis of certain assets , tax credits, carryovers or transactions that have value but must be reduced due to the discharge of a taxpayers's debt.

Eg. If a person does not have to pay a debt because he has declared bankruptcy. The amount of debt will be reduced from his tax credits.

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