In March of 2022, Taxpayer sold land he inherited from Grandfather earlier that same year. At the date of Grandfather's death, Grandfather's adjusted basis in the land was $90,000 and the fair market value of the land was $160,000. Taxpayer sold the land for $200,000 and paid $5,000 in selling expenses. Determine the amount and character of the gain Taxpayer realizes on the sale. a. 105,000 short-term capital gain b. $35,000 short-term capital gain c. $35,000 long-term capital gain d. $105,000 long-term capital gain In 2022, Taxpayer sold machinery used in its business for its fair value of $160,000 to an unrelated party who agreed to pay $40,000 in 2022 plus $40,000 per year (plus adequate interest) in June of the next three years. The machinery had an initial basis of $96,000 and accumulated depreciation of $49,920 through the date of sale. Determine the total gain Taxpayer must recognize in 2022 under the installment method. a. 65,920 (b.) 113,920 c. 64,000 d. 16,000 e. 49,920