An investor sells his real property using an installment sale. His capital gains tax would be due?

A. Never, if he owned the property for more than one year

B. After the last installment is paid

C. The year of the sale

D. As he receives the payments

The operating expense ratio is calculated by dividing the total operating expense by?

A. Effective net income

B. Effective gross income

C. Effective net expense

D. Effective gross expense