Harold bought land from jewel for $150,000. harold paid $50,000 cash and gave jewel an 8% note for $100,000. the note was to be paid over a five-year period. when the balance on the note was $80,000, jewel began having financial difficulties. to accelerate her cash inflows, jewel agreed to accept $60,000 cash from harold in final payment of the note principal. a. harold must recognize $20,000 ($80,000 - $60,000) of gross income.

b. harold is not required to recognize gross income, but must reduce his cost basis in the land to $130,000.

c. harold is not required to recognize gross income, since he paid the debt before it was due.

d. jewel must recognize gross income of $20,000 ($80,000 - $60,000) from discharge of the debt.

e. none of these.

Which of the following pairs is most similar to each other? a. barter goods and fiat money b. digital money and barter goods c. fiat money and digital money d. commodity money and digital money

Catherine de bourgh has one child, anne, who is 18 years old at the end of the year. anne lived at home for seven months during the year before leaving home to attend state university for the rest of the year. during the year, anne earned $6,000 while working part time. catherine provided 80 percent of anne's support and anne provided the rest. which of the following statements regarding whether anne is catherine's qualifying child for the current year is correct? a.anne is a qualifying child of catherine.b.anne is not a qualifying child of catherine because she fails the gross income test.c.anne is not a qualifying child of catherine because she fails the residence test.d.anne is not a qualifying child of catherine because she fails the support test.

Which of the following is not a characteristic of a weak economy? a. a low employment rateb. a high inflation ratec. a decreased gdpd. a high unemployment rate