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1038 |
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1038
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| , which was recently remodeled: and a
loan in the amount of $400,000 on the five-story apartment building
located at 1038 Southern Boulevard. Section 1038 of the Internal Revenue Code was enacted to provide some
relief to taxpayers in this situation; the repossession is treated not
as a taxable transaction but as a nullification of the original sale. 1038 to limit the gain recognized to the cash and property (other
than the repossessed property) previously received from the buyer; a
loss cannot be recognized. |
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