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) When a real estate declines in value and the owners defaults on the mortgage...

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Accounting

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) When a real estate declines in value and the owners defaults on the mortgage a. It makes no difference if the mortgage is recourse or nonrecourse b. If the mortgage is recourse, there are no relief provisions to Cancellation of Debt income C. If the mortgage is nonrecourse, the Cancellation of Debt is treated as a sale d. The government will step in and pay the mortgage so there are no tax consequences

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