In 2004, the Force Partnership purchased an apartment building for $600,000 and paid an additional $10,000 in acquisition fees. Tthe partnership properly claimed $130,000 in depreciation on the building. In 2014, Force allows the building to be foreclosed by the bank for $490,000, the amount of the outstanding loan principal. What is the realized gain or loss, if any, for the partnership resulting from the foreclosure?

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The Answer of In 2004, the Force Partnership purchased an apartment building for $600,000 and paid an additional $10,000 in acquisition fees. Tthe partnership properly claimed $130,000 in depreciation on the building. In 2014, Force allows the building to be foreclosed by the bank for $490,000, the amount of the outstanding loan principal. What is the realized gain or loss, if any, for the partnership resulting from the foreclosure?

In 2004, the Force Partnership Purchased an Apartment Building for $600,000