Mason canceled a note issued by Emma (Mason's niece) that arose in connection with the sale of

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Mason canceled a note issued by Emma (Mason's niece) that arose in connection with the sale of property. At the time of the cancellation, the note had a basis to Mason of $30,000, a face amount of $55,000, and a fair market value of $42,000. Presuming that the initial sale by Mason qualified as an installment sale, how much gain does the cancellation result in for Mason?
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South Western Federal Taxation 2017 Comprehensive

ISBN: 9781305874169

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young

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