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Print a copy of Form 6252. Fill out Part I and Part II of Form 6252 using the Practice Problem 2 numbers from your overheads
Print a copy of Form 6252. Fill out Part I and Part II of Form 6252 using the "Practice Problem 2" numbers from your overheads (page 26). Match the line items with the numerical answers below: Jenny sold Jenny's Coffee House, which is real property that qualifies for installment reporting. Jenny did not elect out of the installment method. The property's basis was $100,000; it was encumbered by a qualifying mortgage of $150,000, and the selling price was $200,000. The purchaser paid $10,000 in cash at closing, assumed the $150,000 mortgage, and executed a note for $40,000 payable in annual installments beginning in the year following the sale. Jenny incurred selling expenses of $25,000. Assume same facts as Problem 1 except that the mortgage assumed by the purchaser was for $110,000 rather than $150,000 (with the balance added to the installment payments)
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