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Asked by jakepaulgamer1111
please answer Hossein sold land on the installment basis for...
please answer
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Hossein sold land on the installment basis for $120,000. His basis in the land was $85,000. Hossein received a $30,000 dam payment and a real estate installment sale contract calling for $90,000 in additional payments in future years. In addition, Hossein paid $5,000 in commissions on the sale. What is the gross profit to be recognized in the current year? A) $0 B) $7,500 C) $25,000 D) $30,000
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Answered by wengperez23
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