Tammy borrowed $180,000 secured by land with a basis of $80,000. She could not pay...
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Accounting
Tammy borrowed $180,000 secured by land with a basis of $80,000. She could not pay the principal, so the bank foreclosed and sold the land for $140,000 as full settlement of the debt. What income should Tammy recognize?
$60,000
$40,000
$140,000
$100,000
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