You bought some land for $25,000. You had a mortgage of $30,000. You sold the land for a down payment of $40,000 plus an installment note of $60,000 to be received next year. The buyer assumed your mortgage.

How much is the gross profit?__________________________

How much is the contract price?__________________________

How much is the gross profit percentage?____________________

How much taxable income should be reported in the year of sale?_____________________