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When a debt is non-recourse

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Reference no: EM132754753

Problem 1: When a debt is non-recourse this man's

1) lender may not foreclose or repossess the property that secures the depth

2) lender has no right to see payment from the borrower for any debt in excess of collateral

3) borrower may recognize ordinary income from the cancellation of debt

4) borrower will not recognize gain or loss on the disposition of the property

Reference no: EM132754753

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