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Two years ago, Jose sold business-use property to Jonathan in an installment sale. The contract price was $10,000, and Jose's gross profit on the sale
Two years ago, Jose sold business-use property to Jonathan in an installment sale. The contract price was $10,000, and Jose's gross profit on the sale was $2,000. Jonathan has kept his end of the agreement by making regular, periodic payments ever since. After subtracting interest, Jose received payments totaling $2,700 in 2023. What amount should be reported as taxable, installment sale income on Jose's 2023 return? $540 $2,000 $2,160 $2,700
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