What may happen after a taxpayer loses property

Reference no: EM133360088

Case: Review each of the following scenarios, then choose the response that correctly identifies what may happen after a taxpayer loses property to foreclosure. In each case, the fair market value of the property was less than the outstanding debt.

Julia defaulted on a nonrecourse loan on investment-use property. The lender may request a deficiency judgment after foreclosure and attempt to collect from her personal assets.

Mia defaulted on a nonrecourse mortgage secured by her principal residence. Mia may claim the deficiency as a nonbusiness bad debt.

Liam defaulted on a recourse mortgage secured by his principal residence. The lender may attempt to collect the full amount of the loan from his personal assets instead of foreclosing on the property.

Harper defaulted on a recourse mortgage secured by investment-use property. The lender may request a deficiency judgment after foreclosure and attempt to collect from her personal assets.

Reference no: EM133360088

Questions Cloud

What is dilemma or tough decisions : What is the dilemma or tough decisions? How should Ambrose go about convincing customers that they are truly green?

What is one recommendation you would make to improve : What is one recommendation you would make to improve shareholder participation in Volkswagen? Briefly explain

Develop an algorithm that calculates and reports : Develop an algorithm that calculates and reports out the total tip, total tax and final cost per person after getting inputs for the prices of each of the three

Transformational or incremental : What type of change is this: transformational or incremental? Why?

What may happen after a taxpayer loses property : choose the response that correctly identifies what may happen after a taxpayer loses property to foreclosure

Employee turnover and employee absenteeism : Some of the challenges that managers deal with include employee turnover and employee absenteeism.

Principles of effectiveness and efficiency : What is optimal organizational control that prioritizes the principles of effectiveness and efficiency?

Compare the results of the two heuristics using larger input : Implement one heuristic for solving the partitioning problem. Specify several input cases for the heuristic for which the heuristic performs different.

Pros and cons of using natural language processing : Analyze three pros and cons of using natural language processing, optical character recognition software.

User Account

All Pages