tCan you please help me to solve this question?

4. William Nylander has decided to sell all of his commercial property. The purchaser does not have enough cash to pay the full price of $880,000, so he is offering William cash of $590,000 and a note payable of $290,000 with interest at 5% for the balance. The note would be repayable in equal annual amounts of $145,000 on the anniversary of the original closing. Proposed Consideration ash Note Land... Building.... Cost $100,000 200,000 $300,000 $155,000 Proceeds $655,000 225,000 $880,000 Tua 590,000 $290,000 O Required: Advise William of all tax consequences of this proposal in the year of sale, and the following 2 years. Calculate the consequences where possible