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What would be the tax consequences of Son sale

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Problem - Critical Thinking, On June 1, 2017, Father sold land to Son for $300,000. Father reported the gain by the installment method, with the gain to be spread over five years. In May 2019, Son received an offer of $400,000 for the land, to be paid over three years. What would be the tax consequences of Son's sale? How could the tax consequences be improved?

Reference no: EM132672213

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