Question 36 of 75.

Audrey's bank foreclosed on her office building when she stopped making payments on her loan. The loan was secured by the building when she purchased it three years ago for $750,000. Audrey's Form 1099-A is shown below.

The 1099A form has a line 2 amount of $615,000, and line4 amount of $600,000 and line 5 is checked.

If the building is sold for the fair market value (FMV), how much of Audrey's personal assets can the lender attempt to collect to satisfy the judgment?

$615,000

$600,000

$15,000

$0 (None of Audrey's personal assets).