On December 30, 2018, Whitney sold a piece of property for $168,000. Her basis in the property was $75,600, and she incurred $1,680 in selling expenses. The buyer paid $8,400 down with the balance payable in $15,960 installments over the next ten years. In addition, the buyer assumed a $25,200 mortgage on the property. Round any division to two decimal places, and use in subsequent computations. If require, round your final answer to the nearest dollar. 168,000 , the total gain on the sale is s and the Under the installment sales method, the total contract price is $ amount of gain reported in 2018 is $ Feedback Check My Won The tax law provides special accounting methods for certain installment sales and long-term contracts. These special methods were enacted, in part, to ensure that the tax will be due when the taxpayer is best able to pay the tax.
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