Question: Wilson Properties is facing foreclosure on an apartment complex in Dallas, TX that was pur- chased six years ago. The property is financed with a

Wilson Properties is facing foreclosure on an apartment complex in Dallas, TX that was pur- chased six years ago. The property is financed with a $20 million nonrecourse loan, a tax basis of $10 million and a fair market value of $16 million. What is the gain or loss on the project?

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