Max is selling a truck that he uses in his business. He has taken $5,000 of depreciation on the truck and wants to use the installment sale method to sell the truck to Jerry for a down payment and an installment note over 36 months. He paid $40,000 for the truck and is selling it for $38,000. What are the tax consequences of this transaction?

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Tax Consequences of Maxs Truck Sale Using the Installment Sale Method Maxs decision to use the installment sale method for selling his business truck ... View the full answer