I need help with 4 and 5. Can you all answer these questions with explanations?

QUESTION 4 2 points Save Answ Bold Company purchased a building from Vince for $100,000 cash and a mortgage of $600,000. Two years after the transaction, the mortgage had been reduced to $425,000 by principal payments by Bold, but Bold cannot continue to make the monthly payments on the mortgage. Vince reduced the amount owed by Bold to $300,000. This reduced the monthly payments to a level that Bold could pay, Bold can reduce its basis in the property by $175,000 from the reduction in the debt by Vince. True False QUESTION 5 2 points Saved An field audit by the IRS takes place at the office of the taxpayer. True False