1. A debtor in a troubled debt restructuring has debt that is settled by a transfer of land with a fair value that is less than the carrying amount of the debt but is more than the book value of the land. Should a gain or loss on restructuring of debt be recognized? Should a gain or loss on the disposition of assets be recognized?
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Gain or Loss on Restructuring of Debt
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Gain or Loss on Disposition of Assets
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a.
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Gain
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Gain
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b.
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Gain
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Loss
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c.
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Loss
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Loss
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d.
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Loss
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Gain
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