Fred, a resident of California, sells Nevada real estate in an installment sale. In the current year he receives a $16,000 payment on his note receivable. It consists of return of principal of $12,000, computed taxable gain of $3,000 and interest of $1,000. How much is his California taxable income?

Answer rating: 100% (QA)

In this scenario Freds California taxable income from the installment sale would depend on several f... View the full answer