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Michael recognize for the current year

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Reference no: EM131639419

This year, Michael Fey sold a classic painting to his neighbor, Vance Dalton, under the following terms:

  • The price was $22,000, equal to the fair market value.
  • Michael's basis in the painting was $5,000.
  • Starting this year, Vance will pay in five annual installments of $4,000 plus accrued interest.
  • Vance will make a $2,000 down payment.

Ignoring interest income, what amount of gain will Michael recognize for the current year?

Reference no: EM131639419

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