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Robert Franklin is 50% partner- his half of the business is worth $5,000,000 Transfer of business (sale) are: 50%: a 10 year installment sale to
Robert Franklin is 50% partner- his half of the business is worth $5,000,000
Transfer of business (sale) are:
50%: a 10 year installment sale to Mark Newhart for a down payment of 20% on January 1, 2022 and monthly payments beginning February 1, 2022 at 10% annual interest.
Rounding to the nearest dollar, calculate the total monthly installment payments that will be made to the Franklins by Newhart during 2022?
And In 2022, how much will Robert have to claim as ordinary income from the installment sale of Franklin Securities?
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