Essay
On June 15,2017,Roco sold land held for investment to Scotty for $100,000 cash and an installment note of $500,000 payable in five equal annual installments beginning on June 15,2018,plus interest at 10%.Roco's basis in the land is $300,000.What amount of gain is recognized in 2017 under the installment method?
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$50,000 recognized in 2017.
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