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In the current year, Ho Corporation sells land that has a $6,000 basis and a $10,000 FMV to Henry, ...

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In the current year, Ho Corporation sells land that has a $6,000 basis and a $10,000 FMV to Henry, ...

In the current year, Ho Corporation sells land that has a $6,000 basis and a $10,000 FMV to Henry, an unrelated individual. Henry makes a $25,000 down payment this year and will pay Ho $25,000 per year for the next three years, plus interest on the unpaid balance at a rate acceptable to the IRS. Ho's realized gain is $4,000. Since Ho is not in the business of selling land, it will use the installment method of accounting. How does this transaction affect Ho's E&P in the current year and the three subsequent years?

Textbook

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Edition: 27^th

Authors: Anderson, Pope, Rupert

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