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Author Question: On September 2, of this year, Keshawn sold land to Rex, his nephew, for $400,000. Keshawn's basis in ... (Read 65 times)

tingc95

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on: Sep 13, 2020
On September 2, of this year, Keshawn sold land to Rex, his nephew, for $400,000. Keshawn's basis in the land was $100,000. Rex agreed to pay his uncle $40,000 this year, and $60,000 each year for the next six years plus interest. One month later, Rex sold the land to Theo, an unrelated party, for $450,000. Based on this information, Keshawn must report
◦ $0. Rex reports gain of $300,000.
◦ gain of $225,000 this year.
◦ gain of $225,000 this year plus interest in following six years.
◦ gain of $30,000 this year, and gain in each of the following six years of $45,000 plus interest.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by tingc95 on Sep 13, 2020

Andromeda18

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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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tingc95

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Reply 2 on: Sep 13, 2020
:D TYSM

shewald78

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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