In December 2021, Soraya Corporation sold land it held as an investment. The corporation received $50,000 in

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In December 2021, Soraya Corporation sold land it held as an investment. The corporation received $50,000 in 2021 and a note payable (with adequate interest) for $150,000 to be paid in 2023. Soraya Corporation’s cost of the land was $80,000. The corporation has a $90,000 net capital loss carryover that will expire in 2021. Should Soraya report the sale in 2021 or use the installment method to report the income as payments are received?

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South-Western Federal Taxation 2022 Individual Income Taxes

ISBN: 9780357519073

45th Edition

Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman

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