Question: Sam received $ 4 5 , 0 0 0 cash in a single business transaction when he sold a used tractor from his farm implements

Sam received $45,000 cash in a single business transaction when he sold a used tractor from his farm implements business. Under IRS reporting requirements, Sam would need to:
file an excise tax notice.
file an information return with the IRS.
obtain and retain the payors Social Security number.
withhold 28% of the payment.

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