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Please i need this in 10minutes. thanks Qi owns harvestable forest land with an adjusted basis of $800,000. This year, Qi sold 500 acres of
Please i need this in 10minutes. thanks
Qi owns harvestable forest land with an adjusted basis of $800,000. This year, Qi sold 500 acres of the harvestable forest land for $1,000,000. He received $200,000 this year and a promissory note for $400,000 payments in each of the next two years. 1. What is Qis realized and recognized gain in year 1 (this year)? 2. What is Qi's realized and recognized gain in year 2? 3. What is Qi's realized and recognized gain in year 3?
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