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Charlotte sold her unincorporated business for $360,000 in 2008. The sales contract allocated $150,000 to equipment, $110,000 to land, and $100,000 to goodwill. Charlotte had a $0 basis in the goodwill, the land cost $60,000, and the equipment originally cost $250,000, but it was fully depreciated. What is the amount of the gain eligible for installment sales treatment?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M961880

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