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How much of a gain or loss does terry recognize

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Terry owns real estate with an adjusted basis of $600,000 and a fair market value of $1.1 million. The amount of the mortgage on the property is $2.5 million. Because of substantial losses, Terry deeds/transfers the property back to the mortgage holder.

Question a) How much of a gain or loss does Terry recognize?

Question b) Suppose Terry is in bankruptcy, is your answer the same?

Question c) Suppose this is Terry's personal residence for the last 7 years, is your answer the same as in a)?

Reference no: EM132875169

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