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Pedro sells investment land on September 1, 2020. Information pertaining to the sale follows: Adjusted basis Selling price Selling expenses Down payment Four installment payments
Pedro sells investment land on September 1, 2020. Information pertaining to the sale follows: Adjusted basis Selling price Selling expenses Down payment Four installment payments Mortgage assumed by the buyer $ 29,000 104,400 1,400 12,000 17,400 22,800 Required: Each installment payment is due on September 1 of 2021, 2022, 2023, and 2024 (ignore interest). Determine the tax consequences in 2020, 2021, 2022, 2023, and 2024. (Do not round intermediate calculations. Round your final answers to nearest whole dollar value.) Year Gain Recognized 2020 2021 2022 2023 2024 Total
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