On December $31,2024,$ Joe Smith sold unimproved real estate, located in Southern Shores, NC$,$ for a total sales price of $$400,000$ to an unrelated party. Joe had purchased the lot for $$50,0005$ years ago. The terms of the sale provide for the buyer to pay $$100,000$ at closing and payments on December $31$ of $2025,2026,2027,$ and $2028$ in an amount sufficient to amortize the remaining balance of $$300,000$ with interest at $6\%.$ An amortization schedule for the loan follows. $$ Answer the Following Questions $1.$ What amount of capital gain and interest will Joe recognize on his tax return for the calendar year $2024?2.$What amount of capital gain and interest will Joe recognize on his tax return for the calendar year $2027?3.$ If Joe and the Buyer had agreed that the note for the remaining balance be interest free, would this be acceptable to the IRS? Remember, Joe and the buyer are unrelated. $4.$ What total amount cash $($interest and principal$)$ did Joe receive over the entire transaction for the sale of the NC land? $5.$ Based on the information presented, would there be any potential tax consequences if Joe needed to repossess $($based on the buyer$$s default on the note$)$ the land on December $31,2027,$ when the fair market value of the land was $$450,000.$ Please answer YES or NO$,$ computations are not necessary.