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In 2020, Jeff sold inventory with a cost basis of $100,000 to a customer. In return, for the inventory, Jeff received $50,000 cash and an
In 2020, Jeff sold inventory with a cost basis of $100,000 to a customer. In return, for the inventory, Jeff received $50,000 cash and an installment note for $200,000 to be paid over five years. Assuming Jeff did not receive any other payments in the current year, how much income must he recognize for tax purposes in 2020?
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