In December 2016, Carl Corporation sold land it held as an investment. The corporation received $50,000 in

Question:

In December 2016, Carl sold land it held as an investment. The received $50,000 in 2016 and a note payable (with adequate interest) for $150,000 to be paid in 2018. Carl Corporation's cost of the land was $80,000. The has a $90,000 net capital loss carryover that will expire in 2016. Should Carl report the sale in 2016 or use the installment method to report the income as payments are received?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...