Jack sells land to Jill in 2022 for $75,000 cash plus Jill's note for $225,000. Jack's basis for the property was 120,000. The note will be repaid as follows: $100,000 in 2023 and the balance in 2024. Show your calculations for partial credit, where applicable. a. Show the computation of Jack's realized gain or (loss) on the 2022 sale. b. Show the amount of gain recognized using the installment method in each year: Amount of 2022 gain recognized? Amount of 2023 gain recognized? Amount of 2024 gain recognized? c. How much gain would be recognized in each of the three years if Jack elected out of the installment method (did not use it)? Amount of 2022 gain recognized? Amount of 2023 gain recognized? Amount of 2024 gain recognized? d. If instead Jack's basis was 350,000, what would be the realized gain or (loss)? What year or years would that be recognized and why

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Jacks Land Sale Calculations a Realized Gain or Loss in 2022 Selling Price 75000 cash 225000 note 3... View the full answer