Question 7 (1 point) Listen Colin sold land to Ryan, his nephew, for $400,000 on September 2, of this year. Colin's basis in the land was $100,000. Ryan agreed to pay his uncle $40,000 this year, and $60,000 each year for the next six years plus interest. One month later, Ryan sold the land to Jackson, an unrelated party, for $450,000. Based on this information, Colin must report gain of $225,000 this year. $0. Ryan reports gain of $300,000. gain of $225,000 this year plus interest in following six years. gain of $30,000 this year, and gain in each of the following six years of $45,000 plus interest Previous Page Next Page Page 7 of 42