Milton is experiencing cash flow problems during the current year.He owes $12,000 on h

is credit card.The credit card company agrees to reduce the debt to $9,000.Prior to the debt reduction, Milton's total assets were $40,000 and his total liabilities were $39,000.How much income must Milton recognize from the reduction of his credit card balance.()

A、0

B、$1,000

C、$2,000

D、$3,000

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更多“Milton is experiencing cash fl…”相关的问题

第1题

Hilda, age 11, earns wages of $2,700 from her modeling.Since the funds are collected by Hilda's father and used for Hilda's living expenses, her father intends to include it in his gross income.

I.The Assignment of Income Doctrine prohibits the father from recognizing the $2,700.

II.Even if Hilda desired to gift the $2,700 to her father, Hilda must recognize the income she earned.()

A、Only statement I is correct

B、Only statement II is correct

C、Both statements are correct

D、Neither statement is correct.

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第2题

When her property was fully depreciated and was still encumbered by a mortgage of $6,000, Jamelle sells it subject to the mortgage to David for $1,000.What is Jamelle's realized gain or loss.()

A、$0

B、$1,000 gain

C、$5,000 gain

D、$6,000 gain

E、$7,000 gain

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第3题

A tax treaty with a foreign country negotiated by the president is considered a legislative source of tax law.()

此题为判断题(对，错)。

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第4题