A cash basis taxpayer sold investment land in 2022. He received $200,000 in the year of sale and $600,000 in 2023. The cost of the land was $400,000. The taxpayer uses the installment method. What is the total gain on the sale of land? Under the installment method, what would be the gain reported in 2022? Under the installment method, what would be the gain reported in 2023?

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To calculate the total gain on the sale of land using the installment method we need to determine th... View the full answer