Question
Victoria stopped paying the recourse mortgage on her condominium at a time when she still owed $200,000. She had originally purchased the condominium for $285,000.
Victoria stopped paying the recourse mortgage on her condominium at a time when she still owed $200,000. She had originally purchased the condominium for $285,000. At the foreclosure sale, the condominium sold for $193,500. If the lender later discharges the deficiency, how much will be reported on Form 1099-C?
A. $0
B. $6,500
C. $193,500
D. $200,000
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Behind Closed Doors What Company Audit Is Really About
Authors: V. Beattie, R. Brandt, S. Fearnley
2001 Edition
0333747844, 978-0333747841
