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Peracchi contributed two parcels of real estate that were encumbered by liabilities that exceeded his adjusted basis in the properties by $566,807.
In an attempt to mitigate the gain recognition, Peracchi transferred to NAC, in addition to the encumbered properties, a personal note with a face amount of $1,060,000.
* The sale of a non-performing mortgage and note that encumbers a 5-story walk-up apartment building.
In addition, the other assets that are transferred may not provide protection against investment company treatment if such assets do not have a substantial fair market value or are encumbered. The application of the 80-per,!cent requirement in section 351(e) is based on the fair market value of the transferred assets, taking into account any indebtedness which encumbers such assets.
* The sale of a blanket non-performing mortgage and note that encumbers three walk-up apartment buildings located in the Greenpoint section of Brooklyn.
According to MBA, in most cases lenders including banks, thrift institutions, and other funding sources, require a minimum level of owner occupancy to underwrite a first underlying mortgage (the financing that encumbers the building) and to finance an individual share loan (the loan on a specific unit).