On December 30, 2017, Whitney sold a piece of property for $85,000. Her basis in the property
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On December 30, 2017, Whitney sold a piece of property for $85,000. Her basis in the property was $40,000, and she incurred $1,200 in selling expenses. The buyer paid $5,000 down with the balance payable in $10,000 installments over the next eight years. In addition, the buyer assumed a $15,000 mortgage on the property. Round any division to four decimal places, and use in subsequent computations. Under the installment sales method, what is the total contract price, the total gain on the sale, nd the amount of gain reported in 2017?
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Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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