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Problem - Terry owns real estate with an adjusted basis of $600,000 and a fair market value of $1,100,000. The amount of the nonrecourse mortgage on the property is $2,500,000. Because of substantial past and projected future losses associated with the real estate development (occupancy rate of only 37% after three years), Terry deeds the property to the creditor.
Required -
a. What are the tax consequences to Terry?
b. Assume that the data are the same, except that the fair market value of the property is $2,525,000. Therefore, when Terry deeds the property to the creditor, she also receives $25,000 from the creditor. What are the tax consequences to Terry?
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