Question
Tammy borrowed $180,000 secured by land with a basis of $80,000. She could not pay the principal, so the bank foreclosed and sold the land
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Tammy borrowed $180,000 secured by land with a basis of $80,000. She could not pay the principal, so the bank foreclosed and sold the land for $140,000 as full settlement of the debt. What income should Tammy recognize?
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$60,000
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$40,000
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$140,000
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$100,000
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Costing
Authors: Lucey
7th Edition
1844809439, 978-1844809431
