Compute the total contract price, gross profit percentage, and gain includible in income for a tax year - Criteria 3/4. 5. A taxpayer sells farmland in 2019 for $100,000 that has an adjusted basis of $40,000. The purchaser pays cash of $20,000 and signs an installment note for the remaining $80,000, plus interest. The installment payments begin in 2020. What is the amount of the gain includible in income in 2019? O a $0 ob. $12,000 O c. $20,000 od. $60,000 5. Compute the total contract price, gross profit percentage, and gain includible in income for a tax year - Criteria 3/4. 5. A taxpayer sells farmland in 2019 for $100,000 that has an adjusted basis of $40,000. The purchaser pays cash of $20,000 and signs an installment note for the remaining $80,000, plus interest. The installment payments begin in 2020. What is the amount of the gain includible in income in 2019? O a $0 ob. $12,000 O c. $20,000 od. $60,000 5