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Taxpayer A sells a parcel of undeveloped real property to Taxpayer B for $100,000. A receives a promissory note with a face amount of $100,000
Taxpayer A sells a parcel of undeveloped real property to Taxpayer B for $100,000. A receives a promissory note with a face amount of $100,000 bearing adequate interest. However, due to the solvency of B, the note has a value at the time of receipt of only $60,000. When must Taxpayer A recognize income if A does not use the installment method
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