Internal Revenue Code (IRC). State in which the mortgage lender is headquartered. State where the foreclosed property is located. Uniform Commercial Code. Mark for follow up Question 37 of 75. LaDon sold real property in 2020 for $90,000, using an installment agreement and taking a lien on the property. His ad buyer made a $5,000 down payment and signed a mortgage, secured by the property, for the balance. Using the insta his 2020 return. The buyer then failed to make any of the required payments, and LaDon repossessed the property What is LaDon's recognized gain on the repossession? $0 $3,389 $18,389 $18,889