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Calculate the taxable gain he must report for the year

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Question - Verlin sells a commercial building and receives $50,000 in cash and a note for $60,000 at 10 percent interest. Verlin's adjusted basis in the building on the date of sale is $45,000 and he collects only the $50,000 down payment in the year of the sale. Assuming Verlin uses the installment sale method, calculate the taxable gain he must report for the year of the sale.

Reference no: EM133179160

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