Question
All of the following taxpayers would like to report the sale of property as an installment sale. Which taxpayer is eligible to do so? No
All of the following taxpayers would like to report the sale of property as an installment sale. Which taxpayer is eligible to do so? No selling expenses were associated with any of the transactions. Chelsea. She sold a food truck for $75,000. Her adjusted basis at the time of sale was $93,000. Her buyer intends to pay for the truck over five years. Jared. He sold an office building for $260,000. He purchased it for $190,000 and had claimed $60,000 depreciation. His buyer intends to pay $52,000 per year plus 6% interest for five years. Melba. She is downsizing and sold part of her inventory of personal property valued at $36,000 to Alicia for $54,000. Alicia intends to pay Melba $18,000 per year, plus interest, for the next three years. Nathaniel. He sold an equipment trailer for $20,000. He received two $10,000 payments, the first on April 1, 2022, and the second on December 1, 2022. Nathaniel paid $14,000 for the trailer when it was new, and it was fully depreciated I THINK THE LAST ANSWER IS WRONG, SO A, B OR C, THANKS
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