deb has found it very difficult to repay her loans. because of these difficulties, the bank decided to forgive one of her most recent loans, an amount of $53,500. after the loan was discharged, deb had total assets of $260,000 and her remaining loans totaled $226,000. what amount must deb include in her gross income?

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01-12-2022
Business

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deb has found it very difficult to repay her loans. because of these difficulties, the bank decided to forgive one of her most recent loans, an amount of $53,500. after the loan was discharged, deb had total assets of $260,000 and her remaining loans totaled $226,000. what amount must deb include in her gross income?

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The amount of entries to be computed for Deb as a part of her gross income will be $0.

Gross income can be referred to or considered as the total revenues generated by a person during a particular financial period. The gross income includes earnings and revenues from all the sources that a person may have. It does not take liabilities and insolvency into consideration.

For the above condition, Deb was not fully solvent at the time of computation of her liabilities. However, she became solvent only after selling the part of her assets. Thus,

Solvency = Total Loans - Income before sale of assets

Solvency = 226000+535000 - 0

Solvency = $(-2795,000)

Therefore, Deb does not have gross income during the accounting period.

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