1 . Mortgagor purchases a parcel of land from Seller for $ 1 0 0 , 0...
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Mortgagor purchases a parcel of land from Seller for $ Mortgagor borrows $ from Bank and pays that amount and an additional $ of cash to Seller giving Bank a nonrecourse mortgage on the land. The land is the security for the mortgage which bears an adequate interest rate.
dWhat is Mortgagors basis in the land if the $ of mortgage proceeds are used to purchase stocks and bonds worth $
hWhat results to Mortgagor under the facts of d above, if the land declines in value from $ to $ and Mortgagor transfers the land by means of a quitclaim deed to Bank? See Parker v Delaney, Fd st Cir
iWhat results to Mortgagor under the facts of h above, if the land declines in value from $ to $ at the time of the quitclaim deed?
Investor purchased three acres of land, each acre worth $ for $ Investor sold one of the acres in year one for $ and a second in year two for $ The total amount realized by Investor was $ which is not in excess of her total purchase price.
Related Book For
Federal Taxation 2015 Corporations Partnerships Estates & Trusts
ISBN: 9780133822144
28th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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