There are some exceptions to Form 1099-C (Cancellation of Debt) income – i.e., reasons why you would not have to include the amount reported to you (and to the IRS) in gross income even though the...

There are some exceptions to Form 1099-C (Cancellation of Debt) income – i.e., reasons why you would not have to include the amount reported to you (and to the IRS) in gross income even though the amount was correctly stated on the form. Identify and briefly explain the two most common exceptions available to individuals (the two we focused on in class).