Francesco owns a warehouse that is used in his auto parts store. The warehouse has...
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Francesco owns a warehouse that is used in his auto parts store. The warehouse has a FMV of $ an adjusted basis of $ and an outstanding mortgage of $ Francesco is not bankrupt or insolvent, but due to COVID he is having trouble making the payments on the mortgage and is able to persuade the bank to forgive $ of the debt. What are the tax consequences for Francesco?
Francesco owns a warehouse that is used in his auto parts store. The warehouse has a FMV of $ an adjusted basis of $ and an outstanding mortgage of $ Francesco is not bankrupt or insolvent, but due to COVID he is having trouble making the payments on the mortgage and is able to persuade the bank to forgive $ of the debt. What are the tax consequences for Francesco?
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