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What is his realized gain or loss

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Question - Tyler borrowed $15,000 to purchase a machine. He later borrowed $3,000 using the machine as collateral. Both notes are nonrecourse. Ten years later, the machine has an adjusted basis of zero and two outstanding note balances of $5,500 and $900. Tyler sells the machine subject to the two liabilities for $1,200. What is his realized gain or loss?

a. $0.

b. $1,200.

c. $6,400.

d. $7,600.

e. None of the above.

Reference no: EM131767138

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