Net sale proceeds minus the adjusted tax basis determines

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Reference no: EM131916498

1. A senior mortgage holder brings a foreclosure suit which includes all junior lenders in the suit. If the senior mortgage holder purchases the property for its mortgage balance at the foreclosure sale, what happens to the claims of the junior mortgage holders?

(A) The liens of the junior claimants and the amounts due to them are unaffected

(B) The liens of the junior claimants are extinguished, but the amounts owed to them are unaffected

(D) The liens of the junior claimants are unaffected, but the amounts owed to them are extinguished.

2. The net sale proceeds minus the adjusted tax basis determines which of the following?

(A) After-tax net present value of the property

(B) Depreciation deductions for the property

(D) Capital gain or loss

Reference no: EM131916498

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