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The Trap Corporation liquidates and distributes $120,000 installment notes to its sole shareholder, Billy, who has a stock basis of $24,000. The note calls for

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The Trap Corporation liquidates and distributes $120,000 installment notes to its sole shareholder, Billy, who has a stock basis of $24,000. The note calls for payment of $20,000 in each of next 6 years. How much gain will be recognized by Billy as the installment payments are received? a. $120,000 gain $20,000 gain $96,000 gain $100,000 gain

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