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  3. tammy borrowed $180,000 secured by land with a bas

Tammy borrowed $180,000 secured by land with a basis of $80,000. She could not pay...

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Accounting

  1. 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?

  1. $60,000

  1. $40,000

  1. $140,000

  1. $100,000

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