1.When canceled debt is jointly held by both spouses: A. Each spouse will be responsible for one-half of the canceled debt, and they will each complete a Insolvency Worksheet with all of their separate liabilities and assets only. B. They may choose to file married filing separately, as this may provide a greater reduction of canceled debt income. C. A single Insolvency Worksheet can be completed showing all of their liabilities and assets. D. Each spouse will be responsible for one-half of the canceled debt, and they will each complete a Insolvency Worksheet with one-half of their joint liabilities and assets. 2.Which of the following is an example of an exempt organization that may be subject to unrelated business income tax? A. A college bookstore that sells collegiate clothing. B. A hospital gift shop that sells flowers. C. A church that rents its non-debt financed basement to a for-profit organization monthly D. An animal shelter that sells pet food. 3.Which of the following is excluded from unrelated business income of a social club? A. Dividends. B. Real property rents. C. Personal property rents. D. Dues from members.