15. Taxpayer A sells (in 20X7) for $6 million parcels of unimproved real estate. A receives no money down. A's basis is $300,000. Assume a 30% tax rate, and a sec. 6621(a)(2) rate of 10%. (a) (a) In general, how is this transaction treated? (b) (b) Suppose A received a $2 million principal payment in 20X8. How much interest is imposed at the end of 20X8. (c) (c) Suppose A sold 50 lots (assume the lots are not dealer property) for $120,000 each? (d) In 20X8, A sells one lot for $200,000 with no cash down. In need of cash he pledges the note as security for a $125,000 loan from the bank. What are the consequences? Suppose A had received $75,000 cash and a $125,000 obligation