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On september 16, 2009, Donald Dunn sold for $80,000 property with an adjusted basis of $20,000. The buyer paid $20,000 down with the remaining $60,000
On september 16, 2009, Donald Dunn sold for $80,000 property with an adjusted basis of $20,000. The buyer paid $20,000 down with the remaining $60,000 to be paid in four equal annual installment of $15,000 beginning in September 2010 with interest at 12 percent. How much income does Donald report in 2009 and the following four years? Ignore interest
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