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What is russell recognized gain

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Question - Russell Corporation sold a parcel of land valued at $442,500. Its basis in the land was $274,350. For the land, Russell received $76,500 in cash in year 0 and a note providing that Russell will receive $265,000 in year 1 and $101,000 in year 2 from the buyer. What is Russell's recognized gain in year 0, year 1, and year 2?

Reference no: EM132565416

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