in November 2017 Fred sold a boat for $20,000 they were no cost associated with the sale and is adjusted basis was $13,000 Fred received a $4,000 down payment and the buyer agreed to make 4 additional payments of $4,000 each year beginning in 2018 Fred reported a $7,000 gain in the year of the sale. the buyer made one 4,000 payment in 2018 but in 2020 Fred repossess the boat because the buyer had not made any more payments. what is the basis of the repossessed property a) $ 7000 B) $8000 C) $ 12000 ok so I just looked at similar questions . someone hot b & c wrong and I got d wrong. process of elimination is A $7,000