What gain should cline include in gross income for the tax

Reference no: EM132783925

Problem 1: In the current year, Cline sold land with a basis of $60,000 to Johnson for $100,000. Johnson paid $20,000 down and agreed to pay $16,000 per year, plus interest, for the next five years, beginning in the second year. Under the installment method, what gain should Cline include in gross income for the tax year following the year of sale?

Reference no: EM132783925

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