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Discuss how much income will jasmine recognize

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Jasmine sold land for 250,000 in 2015. the land has a basis of 128,000. Jasmine received 50,000 down in 2015 and will receive five additional annual payments of 40,000 each. How much income will jasmine recognize in 2016 when she receives the first additional payment of 40,000?

Reference no: EM131774924

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