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In 2020, Crescentia sold a mobile coffee truc k in an installment sale. The contract price was $40,000, and Crescentia's gross profit on the sale
In 2020, Crescentia sold a mobile coffee truc k in an installment sale. The contract price was $40,000, and Crescentia's gross profit on the sale was $10,000. The buyer made a one time payment of $5,000 in the year of sale and agreed to pay the remaining balance over a period of five years. After suntracting the interest, Crescentia received payments totaling $7,000 in 2022. What amoun t should be reported as taxable, installment sale on her 2022 return
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