"A taxpayer is insolvent to the extent that the total of all their liabilities
exceeds the FMV of all their assets immediately before
the cancellation of debt"
Client did NOT declare bankruptcy
Any way to get around the insolvency worksheet for my client may not have a clue back then. My client received 2-1099-C's. So does the worksheet pertain to liabilities and assets just before the first cancellation of debt in 2010?
exceeds the FMV of all their assets immediately before
the cancellation of debt"
Client did NOT declare bankruptcy
Any way to get around the insolvency worksheet for my client may not have a clue back then. My client received 2-1099-C's. So does the worksheet pertain to liabilities and assets just before the first cancellation of debt in 2010?
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