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For three years, Ron owned a vacation home that had a fair market value of $240,000. On June 1, Ron sold the home to Dawn
- For three years, Ron owned a vacation home that had a fair market value of $240,000. On June 1, Ron sold the home to Dawn under the following terms: $60,000 down and $1,000 per month for 210 months, with no stated interest. In order to properly compute the portion of each payment that equals interest and principal for tax purposes, to which section(s) of the Internal Revenue Code would their tax advisors turn?
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