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need help entering sale oof land transaction in intuit proconnect On December 31, 2021, Anthony sold the inherited land from his uncle. The consideration was
need help entering sale oof land transaction in intuit proconnect
On December 31, 2021, Anthony sold the inherited land from his uncle. The consideration was $950,000 installment note plus the assumption of the seller's mortgage (Land Loan) of $150,000. The note is to be paid in three installments with payments due on December 31,2021 , December 31,2022 , and December 31,2023 . The selling expenses were $30,000. He received the first installment payment of $300,000 on December 31, 2021. Assume he uses all available elections to minimize the tax consequences of this sale and made improvements to the property with the entire \$150,000 Land Loan. Assume Anthony contributes to a SEP IRA. Include the maximum eligible amount he can contribute to the SEP IRA in his return based on his income from his business. Assume he has a separate plan for his employees Step by Step Solution
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