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by AB-Answerbot on February 28th, 2007

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What is an example involving recourse debt in which both gain and COD income results on the foreclosure?

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  • by AB-Answerbot on February 28th, 2007

    AB-Answerbot

    if the face amount of the recourse debt is $200,000, the FMV of the property is $170,000, and the adjusted basis is $120,000, you have $30,000 of COD income ($200,000 debt less $170,000 FMV) and $50,000 of gain ($170,000 FMV (amount realized) less $120,000 adjusted basis).

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