Solution-What would the total gain over all years be

What would the total gain over all years be

Reference no: EM131790257

Problem - Installment sales reporting

The following information relates to an installment sale which took place in October 2010

	Sales Price
Sale made on l October 2010 of a capital asset:
Cash down payment	100,000
Installment note payable in 3 equal installments plus interest on 10/l/2011; 10/l/2012; and 10/l/2013	270,000
Mortgage on the property assumed by the buyer	100,000
	470,000
Adjusted basis of the capital asset sold:	155,000

What type and amount of income should be reported in 2010, 2011 and 2012?

Assume he sold his $90,000 installment note on 1/1/2013 for $80,000, what would the gain, What would the total gain over all years be?

Reference no: EM131790257

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What would the total gain over all years be : Assume he sold his $90,000 installment note on 1/1/2013 for $80,000, what would the gain, What would the total gain over all years be

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What would the total gain over all years be

Reference no: EM131790257

Reference no: EM131790257

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