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Question - Taxpayer buys a used car from a dealership, in exchange for $6,000 in cash plus $24,000 in seller financing. The debt is subsequently reduced to $15,000.
a) Suppose that the debt reduction occurred because the car had defects that justified a reduction in the initial purchase price. How much of the reduction is taxable income?
b) Would your answer change if the debt reduction occurred as a result of renegotiation based on change in interest rates, rather than issues with the car?
c) What will be the taxable income when the car is sold for $30,000 after 2 years?
d) What if instead of using seller financing, Taxpayer put the $24,000 on a credit card. Would this change the analysis? How will the debt reduction affect the calculation of income at the time of the sale?
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stanley clipper now retired owns the campus barber shop. he employs 5 barbers and pays each a base rate of 500 a month.
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