Business
Business, 05.03.2020 18:58, 4waymari

On December 30, 2019, Whitney sold a piece of property for $85,000. Her basis in the property was $40,000, and she incurred $1,200 in selling expenses. The buyer paid $5,000 down with the balance payable in $10,000 installments over the next eight years. In addition, the buyer assumed a $15,000 mortgage on the property. Round any division to four decimal places, and use in subsequent computations. Round your final answer to the nearest dollar.
Under the installment sales method, the total contract price is $, the total gain on the sale is $ and the amount of gain reported in 2018 is $.

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On December 30, 2019, Whitney sold a piece of property for $85,000. Her basis in the property was $4...

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