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Russell Corporation sold a parcel of land valued at $425,000. Its basis in the land was $359,125. For the land, Russell received $61,500 in cash

Russell Corporation sold a parcel of land valued at $425,000. Its basis in the land was $359,125. For the land, Russell received $61,500 in cash in year 0 and a note providing that Russell will receive $179,000 in year 1 and $184,500 in year 2 from the buyer. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)

Problem 11-63 Part-b (Algo)

b. What is Russells recognized gain in year 0, year 1, and year 2?

What is the recognized gain for each year?

YEAR 0 _______

YEAR 1 _______

YEAR 2 __________

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