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Miles sold a plot of land to Thomas on July 31, 2020. The sale price was $18,000, and Miles' basis in the property was $10,000.
Miles sold a plot of land to Thomas on July 31, 2020. The sale price was $18,000, and Miles' basis in the property was $10,000. Thomas made one payment of $3000 during 2020 and agreed to pay an additional $3000 each year plus interest for the next 5 years. Using the installment method, what is Miles' taxable gain for 2020?
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