George sold land to an unrelated party in 2017. His basis in the land was $76,000, and the selling price was $228,000$57,000 payable at closing and $57,000 (plus 10% interest) due January 1, 2018, 2019, and 2020.

What would be the tax consequences of the following?

Treat each part independently, assume that George did not elect out of the installment method and the installment obligations have values equal to their face amounts.

Ignore interest in your calculations. Round the gross profit to three decimal places before converting to a percentage. For example: .48245 would be rounded to .482 and converted to 48.2%. If required, round final answers to the nearest dollar.

a. In 2018, George borrowed $22,800 from the bank. The loan was partially secured by the installment notes, but George was personally iable for the loan. Borrowing using the installment notes as security for the debt a disposition; therefore, the installment sale gain accelerated. b. In 2018, George gave to his daughter the right to collect all future payments on the installment obligations. George must recognize a gain at the time of the gift. c. on December 3, 2018, George received the payment due on January 1, 201 On Decembe- installment obligation was transferred to his estate. The estate collected the amount due on January 1, 2020. George must report a taxable event 15, 2019, George di gain in 2018. The transfer of the installment obligations to George's estate