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Which of the following is true when a borrower cashes out on a refinancing? a. the excess proceeds are taxed at the capital gains tax
Which of the following is true when a borrower "cashes out" on a refinancing?
a. the excess proceeds are taxed at the capital gains tax rate
b. the borrower increases the amount of equity remaining in the project
c. no taxes are due at the time of the refinance
d. the excess proceeds are taxed at the investor's marginal tax rate
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