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How much is Pat taxable gain in the year of sale

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Problem - Pat sells real estate for $30,000 cash and a $90,000 5-year note. If her basis in the property is $90,000 and she receives only the $30,000 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. $7,500

c. $22,500

d. $30,000

e. $120,000

Reference no: EM132703151

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