Reference no: EM132655677
Problem - Vic, who was experiencing financial difficulties, was able to adjust his debts as follows:
1. Vic is an attorney. Vic owed his uncle $25,000. The uncle told Vic that if he serves as the executor of the uncle's estate, Vic's debt will be canceled in the uncle's will.
2. Vic borrowed $80,000 from First Bank. The debt was secured by land that Vic purchased for $100,000. Vic was unable to pay, and the bank foreclosed when the liability was $80,000, which was also the fair market value of the property.
3. The Land Company, which had sold land to Vic for $80,000, reduced the mortgage on the land by $12,000.
Required - Determine the tax consequences to Vic.
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