Question
Triple A Realty LLC had a foreclosed building with FMV of $2,000,000, basis was $1,600,000 and mortgage balance in the amount of $2,500,000. The amount
Triple A Realty LLC had a foreclosed building with FMV of $2,000,000, basis was $1,600,000 and mortgage balance in the amount of $2,500,000. The amount of cancellation of debt income (CODI) is:
a.$900,000
b. $100.000
c.$500,000
d. $1,600,000
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Where Does Money Grow
Authors: Beth McGuinness
1070202150, 978-1070202150
