A taxpayer purchases a building with $200,000 cashing $800,000 non recourse loan. The taxpayer then takes $600,000
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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?
Related Book For
South Western Federal Taxation 2014 Comprehensive Volume
ISBN: 9781285180922
37th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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