4. The bank forecloses on Lisas apartment complex. The property had been pledged as security on a nonrecourse mortgage whose principal amount at the date of foreclosure is $750,000. The adjusted basis of the property is $480,000, and the fair market value is $730,000. What is Lisas recognized gain or loss and discharge of debt income? a. $270,000 gain recognized and $20,000 discharge of indebtedness
   2. ($750,000) loss recognized and $0 discharge of indebtedness
   3. $0 gain and $0 discharge of indebtedness
   4. ($480,000) loss recognized and $270,000 discharge of indebtedness
   5. None of a - d are correct