Multiple Choice
Simon sold investment property 2 years ago for $750. Simon's basis in the property was $200. Simon is receiving $150 per year from the buyer. Simon reports this income on the installment method. If Simon collects $150 in principal during the current year, how much gain should he report from the sale for the year?
A) $0
B) $75
C) $90
D) $110
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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