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How much is Pat taxable gain in the year of sale

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Problem - Pat sells land for $25,000 cash and a $75,000 5-year note. If her basis in the property is $30,000 and she receives only the $25,000 down payment in the year of sale, how much is Pat's taxable gain in the year of sale using the installment sales method?

a. $0

b. $5,000

c. $17,500

d. $25,000

e. $75,000

Reference no: EM132676220

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