I hadn't thought of it in terms of a foreclosure, whre the bank loses money in the subsequent sale. Still it's the same concept as a short sale or a settlement of any debt for less than owed.
The difference between the amount of debt and what is paid or otherwise recovered is seen as what's called imputed income to the person "getting off the hook." A couple of folks touched on the concept of how the taxes work. Bank loses $40K in the transaction you described. They deduct it. The guy who lost his farm gets taxed on it as income.
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Today's Featured Article - Uncle Cecil's Super A Lives Again - by Mike Purcell. A week or so out of most of my childhood summers was often spent with my Uncle Cecil and Aunt Sissie in the small East Texas town of Maydelle on their 80 acre farm. Some of my fondest memories of these visits are those of learning to drive a tractor at the helm of Uncle Cecil�s 1948 Farmall Super A. Uncle Cecil was the second owner of this wonderful little tractor, but it was almost as though he had adopted an infant. The original owner was a man from Minnesota who bought her from a local dea
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