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Indicate the amount jimmy must include in gross income

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Jimmy has fallen on hard times recently. Last year he borrowed $319,000 and added an additional $72,500 of his own funds to purchase $391,500 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmy's lender agreed to reduce the loan amount to $289,700.

Problem 1: Indicate the amount Jimmy must include in gross income

Reference no: EM133008512

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