Nonrecourse mortgage on the land


In 1990 David purchased land for $100,000. In 1996 he takes out a nonrecourse mortgage on the land for $30,000. In 2009 he sells the land for $50,000 and the buyer takes over the mortgage, which was $25,000. David paid commissions of $2,000. How much gain or loss did David have on the sale in 2009?

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Accounting Basics: Nonrecourse mortgage on the land
Reference No:- TGS066933

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