Question: Bruce sold land valued at $ 2 1 0 , 0 0 0 . His original basis in the land was $ 1 8 0

Bruce sold land valued at $210,000. His original basis in the land was $180,000. For the land, Bruce received $60,000 in cash in the current year and a note providing $150,000 in the subsequent year. What is Bruce's recognized gain in the current and subsequent year, respectively?

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