The cancellation is not a gift and mr sandwich is neither, Financial Management

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The cancellation is not a gift and mr sandwich is neither

In return for $1,000, Mr. Hand cancels Mr. Sandwich's debt of $4,000. The cancellation is not a gift, and Mr. Sandwich is neither insolvent nor bankrupt. Which of the following statements is correct?

Mr. Hand has $1,000 taxable income.

Mr. Sandwich has $3,000 of taxable income.

Mr. Sandwich has $4,000 of taxable income.

Neither Mr. Hand nor Mr. Sandwich has any taxable income from this transaction.

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