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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 59 / 66

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CCH Federal Taxation Basic Principles

59 of  66

Installment Method—Example

FACTS:

A tract of land is sold under the following terms:

1.  Date of contract:  .........................................................……11/11/x1

2.  Sales price of land: ..…………………………….....……....$50,000

3.  Seller’s original purchase price:  ..........................................$38,000

4.  Terms:  $8,000 cash down; 8% compounded semiannually (meets AFR     requirements), resulting in 6 payments of $8,012 due on 5/11 and 11/1.

QUESTION:  What are the tax consequences to seller in 20x1 – 20x4?

Chapter 11, Exhibit 21

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