Identify tax issues, Identify Tax Issues. Problem 1:

Identify tax issues

Reference no: EM132777563

Problem 1: Identify Tax Issues

Wheelie Corporation is a calendar year taxpayer. For the past nine years its taxable income has been stable, averaging $2 million per year. Through November of this year, the taxable income was $1.81 million. In April, June and September, Wheelie made a $175,000 installment payment of tax. In December, it recognized a $5 million gain on the sale of investment land.

Aloha Inc. sells timeshares in Hawaii. Gerry buys timeshare from Aloha Inc,. He agrees to pay $10,000 down and Aloha Inc. will finance a seven year note for the balance of the purchase price at the current market rate of interest. Identify the issues for Aloha Inc.

Reference no: EM132777563

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