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A cash basis taxpayer sold investment land in 2022. He received $200,000 in the year of sale and $600,000 in 2023. The cost of the
A cash basis taxpayer sold investment land in 2022. He received $200,000 in the year of sale and $600,000 in 2023. The cost of the land was $400,000. The taxpayer uses the installment method. What is the total gain on the sale of land? Under the installment method, what would be the gain reported in 2022? Under the installment method, what would be the gain reported in 2023?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
