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https://hrblock.csod.com/Eval loid: b6e414d7-03af-45e2-97b7-e94c73e4547d&evallvl;:S&redirect-url;%2fphnx%2fdriver, à C | | Search.. Home Realize Your Potential: H&… File Edit View Favorites Tools Help Test Advanced Repossessions and Foreclosures (2016) Section 5 Question 9 of 18. Linda's home was foreclosed upon and the mortpage holder issued her a Form 1099-A What is the sales price Linda must use to report the foreclosure if the loan wos nonrecourse, the outstanding balance of the loan was $90,000, and the fair market value ofthe home was 99.000 on the date of foreclosure? O59,00D O $50,000 O s90,000 O $189 00D Mork for follow up Question 10 of 18. The bank toreclosed on William's home and issued him a Form 1099-A. What is the sales price that William must use if the outstanding balance on the recourse loan was $50,000 and the fair market value of the property was $42,000 on the date of $8.000 542.000 o $50.000 O $92,000 Mark for follow up Back Save Return Later Summary Next 4:52 PM 12/14/2017 ize Your Pote... Adv Search Textbook... 2016 Ad Reposses...Explanation / Answer
Question 9: Answer is $90,000
In the case of a non-recourse debt (when the borrower is not personally liable for the debt) the sale price will be equal to the balance of the debt as at the date of foreclosure.
Question 10: Answer is $42,000
In the case of a recourse debt (when the borrower is personally liable for the debt) the sale price will be equal to the fair market value of the asset as at the date of foreclosure.
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