In 2011 father sold land to son for 150000 cash and an, Ask an Expert

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In 2011, Father sold land to Son for $150,000 cash and an installment note for $450,000 due in 2015. Father's basis was $240,000. In 2012, after paying $27,000 interest but nothing on the principal, Son sold the land for $600,000 cash. As a result of the second disposition, what gain must Father recognize in 2012?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9412170

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