$47.$ In November $2024,$ Van Laningham sells manufacturing equipment originally purchased for $$150,000$ with a remaining basis after depreciation of $$130,000.$ The buyer pays Van Laningham a down payment of $$40,000$ cash at the time of sale, with an additional $$180,000$ to be paid in five annual installments of $$36,000$ beginning in November $2025.$ For this problem, ignore the consequences of any interest that might be paid in the current or future years and assume Van Laningham chooses the installment method of deferring gain on the sale. $(6$ pts total$)$

a$.$ What is the realized gain on the sale?

b$.$ What is the amount of income to be recognized in $2020$ and what code section applies to that gain?

c$.$ What is the amount of income to be recognized on each scheduled installment payment of $$36,000,$ and whatcode section applies to that