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What is ravoli recognized gain in the current year

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Question - Ravoli Corporation sold a parcel of land valued at $300,000. Its basis in the land was $250,000. For the land, Ravoli received $150,000 in cash in the current year and a note providing Ravoli with $150,000 in the subsequent year. What is Ravoli's recognized gain in the current and subsequent year, respectively?

A) $0, $50,000.

B) $10,000, $40,000.

C) $25,000, $25,000.

D) $50,000, $0.

E) None of the choices are correct.

Reference no: EM133025552

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