Business, 31.10.2021 02:30, erickamurillo9929

Pedro sells investment land on September 1, 2019. Information pertaining to the sale follows: Adjusted basis $25,000 Selling price 90,000 Selling expenses 1,500 Down payment 12,000 Four installment payments 15,000 Mortgage assumed by the buyer 18,000 Required: Each installment payment is due on September 1 of 2020, 2021, 2022, and 2023 (ignore interest). Determine the tax consequences in 2019, 2020, 2021, 2022, and 2023. (Do not round intermediate calculations. Round your final answers to nearest whole dollar value.)

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Pedro sells investment land on September 1, 2019. Information pertaining to the sale follows: Adjust...