Joel received a 1099-C; S6000 in box 2 had been cancelled by credit card co. as result of agreement. Original card debt was $14,000. Is $8,000 excluded from income? For what reason (Form 982) ? He is not insolvent, ;but was unemployed for part of the year and received unemployment.

Joel received a 1099-C; S6000 in box 2 had been cancelled by credit card co. as result of agreement. Original card debt was $14,000. Is $8,000 excluded from income? For what reason (Form 982) ? He is not insolvent, ;but was unemployed for part of the year and received unemployment.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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