Question: Monica owns a building worth $ 2 0 0 , 0 0 0 and subject to a $ 2 2 0 , 0 0 0

Monica owns a building worth $200,000 and subject to a $220,000 mortgage. The mortgage is secured by the building and Monica is personally liable on the mortgage. Her adjusted basis in the building is $190,000. What is Monica's realized gain if she transfers the building back to the lender in full satisfaction of the debt?

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