vic, who was experiencing financial difficulties, was able to adjust his debts as follows: question content area a. vic is an attorney. vic owed his uncle $25,000. the uncle told vic that if he serves as the executor of the uncle's estate, vic's debt will be canceled in the uncle's will. the $25,000 debt cancellation is vic's gross income when the uncle dies. question content area b. vic borrowed $80,000 from first bank. the debt was secured by land that vic purchased for $100,000. vic was unable to pay, and the bank foreclosed when the liability was $80,000, which was also the fair market value of the property. vic has a $fill in the blank 925835fe3f9df89 1 as a result of the foreclosure. question content area c. the land company, which had sold land to vic for $80,000, reduced the mortgage on the land by $12,000. the $12,000 reduction in the debt is vic's gross income and vic must his basis in the property.