Jimmy has fallen on hard times recently. Last year he borrowed $301,000 and added an additional $71,000 of his own funds to purchase $372,000 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmy’s lender agreed to reduce the loan amount to $271,100. For each of the following independent situations, indicate the amount Jimmy must include in gross income: (Leave no answer blank. Enter zero if applicable.)

a. The real estate is worth $207,600 and Jimmy has no other assets or liabilities.

b. The real estate is worth $279,500 and Jimmy has no other assets or liabilities.

c. The real estate is worth $233,900 and Jimmy has $43,200 in other assets but no other liabilities.