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Subject:  Bad Debt? Date:  7/14/2013  11:15 AM
Author:  gsgreen Number:  118864 of 123001

In 2006, my wife and I sold a piece of undeveloped land for $92,000 which we carried the paper on. Our cost basis in the property is (was?) $62,000.
The buyer currently owes a balance of $59,000 at 7.5%.
The FMV of the property, if patient, is possibly in the $40,000 range in today's market.
The buyer is one of the people laid off in the current MSFT reorganization. He feels he cannot guarantee being able to make his $700/mo plus $5,000/yr payments on t