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How much gain should BPL recognize on repossession

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Question - Case - BPL Corp using an accrual basis sold an investment property (tax basis $516,000) to George LLC in exchange for the note for $860,000 issued by George. BPL has recorded the taxable gain from the transaction using the installment method. George defaulted on the note of which principal was $640,000; BPL repossessed the property this year. The interest of $30,000 has been accrued on the note. How much gain should BPL recognize on repossession, and what is its new tax basis in the repossessed property?

Reference no: EM132927483

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