Dakota Martin Sold a Piece of Land in 2020 for $350,000.The

question 9

Multiple Choice

Dakota Martin sold a piece of land in 2020 for $350,000.The land was recognized as capital property.The original cost of the land was $75,000.The selling costs incurred in 2020 were $5,000.The terms of the payment included an immediate down payment of $50,000, with the remainder of the cost to be paid over the next three years in three equal payments.Dakota wishes to report the minimum taxable capital gain allowed each year.What is the taxable capital gain for 2020? (Round all amounts to zero decimal places.)

• A)$0
• B)$27,000
• C)$54,000
• D)$135,000

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Definitions:

Practice Management Software

Computer software designed to streamline various administrative and clinical aspects of running a medical practice.

Precoded Data

Information that has been assigned predefined codes for the purpose of efficient processing and analysis.

Encounter Data

Encounter data refers to the detailed information collected during healthcare encounters, documenting patient services and interactions.

Electronic Medical Record

A digital version of a patient's paper chart, allowing for easier access and management of a patient's medical history.