Ordinary income from the cancellation of recourse debt must be determined. Mark for follow up Question 15 of 40. The bank foreclosed on William's home and issued a Form 1099-A to him. What is the sales price that William must use if the outstanding balance on the recourse loan was $150,000 and the fair market value of the property was $142,000 on the date of foreclosure? O $8,000 $142,000 $150,000 $292,000 Mark for follow up