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Business, 07.04.2020 23:54 gagedugan2019

Robin Corporation had assets with a FMVof $600,000 and liabilities of $810,000. By agreement of its creditors, the liabilities were reduced to $510,000. What amount of income must Robin report in the current year as a result of the cancellation of indebtedness?

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Robin Corporation had assets with a FMVof $600,000 and liabilities of $810,000. By agreement of its...

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