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What is Larry gain or loss recognized

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Question - Larry buys a building in 2005 for $14 million. He pays cash of $1 million and takes out a mortgage for $13 million. From 2005-2012, he claims $8 million of depreciation on the building. In 2013, when the building is worth $5 million, Larry is in default on the mortgage payments and the building is foreclosed on (or relieved of) by the bank. What is Larry's gain or loss recognized in 2013?

Reference no: EM132251556

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