On September 16, 2019, Donald Dunn sold for $80,000 property with an adjusted basis of $20,000. The

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On September 16, 2019, Donald Dunn sold for $80,000 property with an adjusted basis of $20,000. The buyer paid $20,000 down with the remaining $60,000 to be paid in four equal annual installments of $15,000 beginning in September 2020 with interest at 12 percent. How much income does Donald report in 2019 and the following four years? Ignore interest.

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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