1. Summit Corporation currently has a $70,000 capital loss carryforward that is due to expire at the end of 2022. During 2022, Summit sold land held for investment for $750,000. Summits basis in the land was $600,000. The gain on this sale is classified as capital gain, and Summit does not plan to realize any additional capital gains or losses during 2022, 2023, or 2024. Under the terms of the sale, the buyer has agreed to pay Summit $250,000 in each year 2022, 2023, and 2024. Assuming Summits tax rate is 21% in all years and that it uses a discount rate of 9% in its tax planning decisions, decide whether Summit should elect out of using the installment method for recognizing the gain on this sale. In addition to any clearly labeled calculations, your answer should include a short statement explaining your conclusion.