2024 – Steve Drake sells a rental house on January 1 2011 and receives 130 000 cash and a note for
Steve Drake sells a rental house on January 1, 2011 and receives $130,000 cash and a note for $55,000 at… – 2024
a. If Steve elects to recognize the total gain on the property in the year of sale, calculate the taxable gain.
b. Assuming Steve collects $5,000 (not including interest) of the note principal in the year following the year of sale, calculate the amount of income recognized under the installment sale method.
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