QUESTION 7 Jack sells land to Jill in 2019 for $50,000 cash plus Jill's note for $150,000. Jack's basis for the property was 70,000. The note will be repaid as follows: $50,000 in 2020 and the balance in 2021. a. Show the computation of Jack's realized gain or loss) on the 2019 sale. b. Show the amount of gain recognized using the installment method in each year: 2019, 2020, 2021 C. How much gain would be recognized in each of the three years if Jack elected out of the installment method (did not use it)? 2019, 2020 2021 d. If instead Jack's basis was 210,000, what would be the realized gain or loss)? What year or years would that be recognized and why? TT TT Paragraph 3 (12pt) E-ET- T TT --- fx Mashups Arial HTML CSS Pathep Words:0 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers