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Russell Corporation sold a parcel of land valued at $587,500. Its basis in the land was $481,750. For the land, Russell received $74,250 in cash

Russell Corporation sold a parcel of land valued at $587,500. Its basis in the land was $481,750. For the land, Russell received $74,250 in cash in year 0 and a note providing that Russell will receive $272,000 in year 1 and $241,250 in year 2 from the buyer.

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