Duncan Corporation sells land in the current year (Year 1) for $900,000. The land is Sec. 1231 property having a $360,000 adjusted basis. The purchaser of the land pays Duncan $300,000 in the current year and in each of the next two years. Duncan charges the purchaser a market interest rate on the unpaid balance. Duncan’s CEO asks you to prepare a year-by-year analysis of the impact of this land sale on the firm’s tax position. By how much will the land sale affect Duncan’s regular tax and AMT each year? In your calculation, you can ignore the interest Duncan charges the purchaser. Assume that Duncan is not a small corporation exempt from the AMT, has no AMT adjustment for the U.S. production activities deduction, and has a 34% regular tax rate. Also assume that Duncan has AMT in each year whether or not it takes the land sale into consideration.