Question
Monica purchased her home for $180,000. The mortgage holder foreclosed on the recourse loan when she stopped making payments. At the time of foreclosure, the
Monica purchased her home for $180,000. The mortgage holder foreclosed on the recourse loan when she stopped making payments. At the time of foreclosure, the outstanding debt was $170,000 and Monica's adjusted basis was $185,000. Fair market value of the property was $175,000.
What is the sales price Monica will report on the foreclosure?
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
