Repossessions of Real Property Sold on the Installment Basis Are

question 46

True/False

Repossessions of real property sold on the installment basis are generally nontaxable.

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Definitions:

Transaction Cost

Expenses incurred when buying or selling goods or services, including fees, taxes, and other charges.

Externality Problem

A situation in which a third party is affected by the consequences of a transaction or activity between others, either positively or negatively.

Private Contract

An agreement between private parties that creates mutual obligations enforceable by law.

Pollution Permits

Tradable permits issued by governments that allow the holder to emit a certain amount of pollution; used to control and reduce environmental harm.