Business, 04.11.2020 18:10 s1969965

Johnson borrowed $45,000 secured by land with a basis of $20,000. Johnson could not pay the principal, so the bank foreclosed and sold the land for $35,000 as full settlement of the debt. What income should Johnson recognize

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Johnson borrowed $45,000 secured by land with a basis of $20,000. Johnson could not pay the principa...