John owns real estate with a fair market value of $1 million in which he has a

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John owns real estate with a fair market value of $1 million in which he has a basis of $250,000. In 2014, John sold the property to his son, Junior, for $1 million. However, due to Junior's cash flow problems, Junior must pay the $1 million plus interest over 5 years. In 2021, Junior sells the property for $2 million. What is Junior's gain on the sale of the real estate?

Posted Date: Apr 24, 2024 02:04 AM

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John owns real estate with a fair market value of $1 million in which he has a

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