The Contract Price in an Installment Sale Is

question 70

Multiple Choice

The contract price in an installment sale is:

• A)The selling price or the selling price reduced by any debt assumed by the buyer.
• B)The selling price less the basis in the property.
• C)The selling price less any selling expenses.
• D)The gross profit divided by the selling price.

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Definitions:

Habit

A regular practice or routine that is performed automatically without conscious thought.

Drive

An internal motivating force that compels action towards fulfilling a need or achieving a goal.

Incentive

Something that motivates or encourages someone to do something, often used in contexts of motivation and behavioral economics.

Need

A requirement for something because it is essential or very important, often referring to something necessary for psychological or physical survival.