Question
Madhavi's home was foreclosed upon and the mortgage holder issued Form 1099-A, Acquisition or Abandonment of Secured Property, to her, reporting the outstanding balance of
Madhavi's home 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 $ 108,000, and the Fair Market Value of the home as $126,000 on the date of the foreclosure.
What is the amount Madhavi realized from the foreclosure of this property, which was secured by a NON-RECOURSE loan?
1. $0
2. $18,000,
3. $108,000.
4. $126.000
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Answer i The correct option is C 108000 EXPLANATION i If youre not liable for any debt th...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
