QUESTION 6 On January 1, Tate sold land to Whitney for $100,000 cash plus a note for $200,000 plus adequate interest with a $30,000 principal payment due in the second year. Tate's basis in the property was $100,000. What is the amount of the gain recognized in the second year under the installment method? $20,000 $30,000 $100,000 $200,000