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Sam owes Bob $8,000. Bob cancels (forgives) the debt. The cancellation is not a gift, and Sam is bankrupt. Which of the following statements is correct concerning the impact of this transaction?

a) Both Bob and Sam recognize $8,000 of taxable income.

b) Bob recognizes $8,000 of taxable income.

c) Sam recognizes $8,000 of taxable income.

d) Neither Bob nor Sam has any taxable income from this transaction.

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