Perry acquired raw land as an investment in 1996. The land cost $60,000. In 2012, the land is sold for...
JHach0Perry acquired raw land as an investment in 1996. The land cost $60,000. In 2012, the land is sold for a total sales price of $120,000, consisting of $10,000 cash and the buyer's note for $110,000. Assume that Perry uses the installment method to recognize the gain and receives only the $10,000 down payment in the year of sale. How much gain should Perry recognize in 2012?
Answer
$5,000
$5,833
$7,000
$9,000
None of the above
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