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Luke sold land valued at $210, 090. His original basis in the land was $179, 955. For the land. Luke received $60, 090 in cash
Luke sold land valued at $210, 090. His original basis in the land was $179, 955. For the land. Luke received $60, 090 in cash in the current year and a note providing $150,000 in the subsequent year. What is Luke's recognized gain in the current and subsequent year, respectively? (Do not round intermediate values. Round final values to whole number.)
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