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You are selling a building that you bought for 900k including transaction costs Cumulative depreciation is 240k You sell for 945k which is 345k over
You are selling a building that you bought for 900k including transaction costs
Cumulative depreciation is 240k
You sell for 945k which is 345k over the 600k existing mortgage
Terms: 90k cash at closing, buyer takes 600k mortgage and gets a purchase money mortgage for remaining 225k. The note provides three equal annual payments with interest of 12%.
You take on 50k sales costs, what will the taxable income be for the three succeeding years using the installment method?
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