Andrew purchased a residential rental property for $245,000. He made a down payment of $20,000...
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Andrew purchased a residential rental property for $245,000. He made a down payment of $20,000 and secured a nonrecourse loan for $225,000. Andrew defaulted on the loan when the balance of the note was $210,000 and his adjusted basis in the property after depreciation claimed was $223,000. Fair market value of the property at the time of foreclosure was $205,000.
What is Andrews realized amount from the foreclosure?
$205,000
$210,000
$223,000
$225,000
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