Russell Corporation sold a parcel of land valued at $ 5 8 7 , 5 0 0

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Question:

Russell Corporation sold a parcel of land valued at $

587, 500 .

Its basis in the land was $

481, 750 .

For the land, Russell received $

74, 250

in cash in year

0

and a note providing that Russell will receive $

272, 000

in year

1

and $

241, 250

in year

2

from the buyer.

Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

.

What is Russell\'s recognized gain in year

0,

year

1,

and year

2 ?

Posted Date: May 07, 2024 02:20 AM

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Russell Corporation sold a parcel of land valued at $ 5 8 7 , 5 0 0

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