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Problem 12-56 (LO 12-3) Pedro sells investment and on September 1, 2020. Information pertaining to the sale follows: 550 Adjunted basin $ 11,000 Selling price
Problem 12-56 (LO 12-3) Pedro sells investment and on September 1, 2020. Information pertaining to the sale follows: 550 Adjunted basin $ 11,000 Selling price 39,600 Selling expenses Down payment 3,500 Four installment payments 6,600 Mortgage assumed by the buyer 9,700 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 $ 0
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Fundamentals Of Taxation 2017
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
10th Edition
978-1259575549, 1259575543, 978-1259752735
