Q:Question 60 of 75 Which of the following accurately completes the following st

Question

Q:Question 60 of 75 Which of the following accurately completes the following statement? An individual who is not personally liable for a debt does not have ordinary income from the cancellation of the debt unless:

A- The individual retains the collateral.

B- The individual retains the collateral and the lender offers a discount for the early payment of the debt

C- The individual returns the collateral to the lender.

D-The individual returns the collateral and the lender agrees to a loan modification, reducing the principal balance of the debt

Explanation / Answer

Answer:

An individual who is not personally liable for a debt does not have ordinary income from the cancellation of the debt unless:

A- The individual retains the collateral.

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