[throwaway1105q]

The loan is a liability (and an asset on the bank's side) but the house itself is your asset and is treated as such. You pay capital gains tax on sold assets even if you used a loan to obtain them. For individuals there are exceptions to that specific to real estate, but corporations definitely do. It's not an asset only if it's actually owned by the bank - such as a car or machine on leasing.

I'm not an accountant either but my company has some assets we paid for with a loan, so this is a situation I know.