A Cash Basis Taxpayer Sold Investment Land in 2018 for $200,000

question 47

True/False

A cash basis taxpayer sold investment land in 2018 for $200,000. He received $40,000 in the year of sale and $160,000 in 2019. The cost of the land was $80,000. Under the installment method, the taxpayer would report a $24,000 gain in 2018.

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