After Tyler stopped making the loan payments on his office building, his lender forclosed on the property. The loan was secured by the building when he purchased it three years ago for $550,000. Tyler received the following Form 1099-A.

If the building is sold for the fair market value (FMV), how much of Tyler's personal assists can the lender attempt to collect to satisfy the judgement?

$440,000

$395,000

$45,000

$0 (none personal assets)