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Select the correct answer for how to calculate the seller's basis in repossessed real property. 1)Add the adjusted basis in the installment obligation, plus costs
Select the correct answer for how to calculate the seller's basis in repossessed real property. 1)Add the adjusted basis in the installment obligation, plus costs of repossession, plus recognized gain on the repossession. 2)Add the total sales price, costs of repossession, and recognized gain on the repossession. 3) Add the adjusted basis in the installment obligation, plus costs of repossession, minus recognized gain on the repossession. 4)Add the sales price, minus costs of repossession, minus recognized gain on the repossession.
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