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Business, 15.04.2020 02:45 haleysmith3456

The bank forecloses on Lisa’s apartment complex. The property had been pledged as security on a nonrecourse mortgage whose principal amount at the date of foreclosure is $750,000. The adjusted basis of the property is $480,000, and the fair market value is $750,000. What is Lisa’s recognized gain or loss?

A. $270,000
B. $750,000
C. $0
D. $480,000

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