The property was also rental property. And the identifiable event code is G - decision or policy to discontinue collection
If property that is repossessed
or foreclosed on secures a debt for
which you are personally liable (recourse debt),
you generally must report as ordinary income
the amount by which the canceled debt is more
than the fair market value of the property. Report the income from cancellation of a debt
related to a rental activity as rental income.