Hi, I know I should know this, but I've been doing accounting for a while and I've never encountered this exact situation before. For tax purposes, the business owner transferred his property to someone else, he did it through what we call in Florida, a "Quit Claim Deed". The price they sold it for on the quit claim deed was only $10. What would the Journal Entry be to get rid of the loan and remove the asset from our books? Is there a difference between this being a "transfer" for $10 versus a conventional sale?