1 - GW SBA

Background: Tufts sold for FMV of $1.4 million property he had financed with mortgage of $1.85 and which suffered $400K depreciation. Tufts claimed $50K loss under § 1001: argued amt. realized limited to $1.4 mil. FMV, not depreciated adj. basis of $1.45 mil. Tax … ................
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