Question
After Brandon stopped making his mortgage payments, the lender foreclosed on his home and issued a Form 1099-A to him. The outstanding balance on the
After Brandon stopped making his mortgage payments, the lender foreclosed on his home and issued a Form 1099-A to him. The outstanding balance on the recourse loan was $310,000, and the fair market value of the property on the date of foreclosure was $285,000. What is Brandon's amount realized from the foreclosure?
$0
$25,000
$285,000
$310,000
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Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
4th Edition
0470534788, 978-0470534786
