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Question 40 Which of the following is false regarding installment sales? The gross profit percentage is needed to determine the amount of gain recognized each

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Question 40 Which of the following is false regarding installment sales? The gross profit percentage is needed to determine the amount of gain recognized each year. The gross profit percentage decreases over time as a taxpayer recognizes gains. Installment sale treatment is intended to align with a taxpayer's wherewithal to pay. None of the choices are false. Only gains are eligible for installment sale reporting

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