On June 1, 2012, Father sold land to Son for $300,000. Father reported the gain by the

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On June 1, 2012, Father sold land to Son for $300,000. Father reported the gain by the installment method, with the gain to be spread over five years. In May 2014, Son received an offer of $400,000 for the land, to be paid over three years. What would be the tax consequences of Son's sale? How could the tax consequences be improved?
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South Western Federal Taxation 2015

ISBN: 9781305310810

38th Edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

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