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Question 15 of 40. Linda's home was foreclosed upon and the mortgage holder issued Form 1099-A to her. What is the sales price Linda must

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Question 15 of 40. Linda's home was foreclosed upon and the mortgage holder issued Form 1099-A to her. What is the sales price Linda must use to report the foreclosure if the loan was nonrecourse, the outstanding balance of the loan was $90,000, and the fair market value of the home was $99,000 on the date of foreclosure? $9,000 $50,000 $90,000 $189,000 Mark for follow up Question 17 of 40. Prime Mortgage Lenders foreclosed on Kathleen's house and issued a Form 1099-A. If the form indicated that the FMV was less than the outstanding debt at the time of foreclosure: O Ordinary income from the abandonment of property must be calculated The loss from the foreclosure is deductible on Form 4797. The debt is not fully satisfied by the foreclosure on Kathleen's house. O Ordinary income from the cancellation of debt must be determined. Mark for follow up Question 20 of 40. In what event would a seller who repossesses property have a bad debt deduction? O When the seller has expenses related to the repossession When the repossessed property is personal property, and the installment obligation is not satisfied by the repossessed property When the seller repossesses property not sold under an installment contract When the repossessed property is business real property and the installment obligation is not satisfied by the repossessed property Mark for follow up Question 23 of 40 What is the basis in the installment obligation, originally reported in full in the year of sale, when the FMV of the obligation at the time of the original sale was $5,000, the buyer made four payments of $200, and the costs of repossession were $2007 54 000 54.200 54.800 $5.000 tark for follow up Question 24 of 40. What is the basis in the installment obligation, originally reported in full in the year of sale, when the full face value of the obligation is $20,000, the - made four payments of $300, and the costs of repossession were $400? X $18.400 $18,800 $19,600 $20,000 Mark for follow up Back Save / Return Late

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