Question

Refer to the facts in problem 7. In the first year after the year of sale, TPW received payments totaling $106,900 from the purchaser. The total consisted of $67,500 principal payments and $39,400 interest payments.
a. Compute TPW’s gain recognized under the installment sale method.
b. Compute TPW’s tax basis in the note at the end of the year.


$1.99
Sales0
Views38
Comments0
  • CreatedNovember 03, 2015
  • Files Included
Post your question
5000