Terry owns real estate with an adjusted basis of 600000 and

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Reference no: EM13594363

Terry owns real estate with an adjusted basis of 600,000 and a fair market value of 1.1 million. The amount of the nonrecourse mortgage on the property is 2.5 million. Because of substantial past and projected future losses associated with the real estate development, Terry deeds the property to the creditor.

A.) What are the tax consequences to Terry?

B.) Assume that the data is the same, except that the fair market value of the property is 2,252,000. Therefore, when terry deeds the property to the creditor she also receives 25,000 from the creditor. What are the tax consequences to Terry?

Reference no: EM13594363

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