Melba's office building was foreclosed upon and the mortgage holder issued Form 1099-A, Acquisition or Abandonment of Secured Property, to her, reporting the outstanding balance of the loan as $125,000, and the fair market value of the building was $146,000 on the date of foreclosure. What is the amount Melba realized from the foreclosure of this property, which was secured by a nonrecourse loan? $0 $21,000 $125,000 $146,000

Melba's office building was foreclosed upon and the mortgage holder issued Form 1099-A, Acquisition or Abandonment of Secured Property, to her, reporting the outstanding balance of the loan as $125,000, and the fair market value of the building was $146,000 on the date of foreclosure. What is the amount Melba realized from the foreclosure of this property, which was secured by a nonrecourse loan? $0 $21,000 $125,000 $146,000

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 35P

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