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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 63 / 66

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63 / 66

CCH Federal Taxation Basic Principles

63 of  66

Installment Method—Solution Step Two

12,000

   Deferred gain

(i)=(g) - (h)

N/A

   Ord. income from Code Sec. 1245 depr’n. recapture

(h)

12,000

   Realized gain = Amount realized -seller’s basis

(g)=(c) - (f)

38,000

=  Seller’s adjusted basis

(f)=(d) - (e)

N/A

-   Accumulated depreciation    

(e)

38,000

   Seller’s original cost

(d)

50,000

=  Amount realized

(c)=(a)+(b)

42,000

+  Installment note payable to seller

(b)

8,000

   Cash down payment

(a)

STEP 2:  COMPUTE DEFERRED GAIN

Chapter 11, Exhibit 23

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