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Author Question: Nick sells land with a $7,000 adjusted basis for $10,000. Nick receives a $2,000 down payment with ... (Read 220 times)

Shelles

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on: Sep 13, 2020
Nick sells land with a $7,000 adjusted basis for $10,000. Nick receives a $2,000 down payment with the balance of $8,000 due the following year. Nick is unable to collect the remaining $8,000 and, after incurring legal fees of $500, he repossesses the land when it has a fair market value of $9,000.
a. What is the amount of gain that Nick must report in the first year?
b. What is the amount of gain that Nick must report in the second year?
c. What is the basis in the repossessed stock?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by Shelles on Sep 13, 2020

Qarqy

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Shelles

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

blakcmamba

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Reply 3 on: Yesterday
Excellent

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