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How much gain does the cancellation result in for farhad

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Question - Farhad canceled a note issued by Emma (Farhad's niece) that arose in connection with the sale of property. At the time of the cancellation, the note had a basis to Farhad of $301,900, a face amount of $543,420, and a fair market value of $407,565. Presuming that the initial sale by Farhad qualified as an installment sale, how much gain does the cancellation result in for Farhad?

Reference no: EM133182364

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