Question
iOn December 30, 2015, Whitney sold a piece of property for $85,000. Her basis in the property was $40,000, and she incurred $1,200 in selling
iOn December 30, 2015, Whitney sold a piece of property for $85,000. Her basis in the property was $40,000, and she incurred $1,200 in selling expenses. The buyer paid $5,000 down with the balance payable in $10,000 installments over the next ten years. In addition, the buyer assumed a $15,000 mortgage on the property. Under the installment sales method, the total contract price is $ 85,000... i cannot figure out what the next to quesitons are... i thought total gain was contract price-basis and selling expense... but it is not the right answer
the total gain on the sale is $
and the amount of gain reported in 2015 is $ .
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