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Luke sold land valued at $210,030. His original basis in the land was $179,985. Forthe land, Luke received $60,030 in cash in the current year
Luke sold land valued at $210,030. His original basis in the land was $179,985. Forthe land, Luke received $60,030 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 andsubsequent year, respectively?
Instructions: Do not round intermediate values. round final values to whole numbers.
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