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Mason canceled a note issued by Emma (Mason's niece) that arose in connection with the sale of property. At the time of the cancellation, the

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Mason canceled a note issued by Emma (Mason's niece) that arose in connection with the sale of property. At the time of the cancellation, the note had a basis to Mason of $311,700, a face amount of $561,060, and a fair market value of $420,795. Presuming that the initial sale by Mason qualified as an installment sale, how much gain does the cancellation result in for Mason

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