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Question - A taxpayer purchases a building with $200,000 cashing $800,000 non recourse loan. The taxpayer then takes $600,000 of the depreciation deductions and sells the building for $600,000 cash and the buyer will take the property subject to the liability (which has remained at $800,000). What is the Gain/Loss?Why? What is the Character?

Reference no: EM133089188

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