50.1K

Verified Solution

Link Copied!

Question 32 of 75. All of the following are steps in the judicial foreclosure process EXCEPT: The court issues a decree of judgment. A notice of sale is published where the property is located A preliminary title search is conducted The court issues a deficiency ruling if the proceeds from the sale were more than the amount of the mortgage. Mark for follow up Question 33 of 75. Reva originally sold her principal residence in an installment sale for $150,000. Her adjusted basis in the home was $110,000 at that time. Three years later, she repossessed the home from the buyer when the balance of the note was $135,000. She spent $4,000 on improvements and resold it within the year for $160,000. What is Reva's recomputed adjusted basis in the property? $114,000 $129,000 $139,000 $154,000 Mark for follow up Question 34 of 75. Dale sold a pickup truck for $18,000 in an installment sale. He reported his gain in full in the year of sale. Two years later, the buyer was in default and Dale repossessed the truck. At the time of repossession, the truck had a fair market value of $14,000, the buyer still owed $10,000, and the cost of repossession was $500. What is Dale's gain or loss on the repossession? O Gain of $4,000 O Gain of $3,500 Loss of $4,000 Loss of $4,500. Mark for follow up

Answer & Explanation Solved by verified expert

See Answer