On June 1, 2013, Father sold land to Son for $300,000. Father reported the gain by the

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On June 1, 2013, Father sold land to Son for $300,000. Father reported the gain by the installment method, with the gain to be spread over five years. In May 2015, Son received an offer of $400,000 for the land, to be paid over three years. What would be the tax consequences of Son's sale? How could the tax consequences be improved?
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South Western Federal Taxation 2016 Comprehensive

ISBN: 9781305395114

39th Edition

Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young

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