Multiple Choice
Pierre sold a parcel of land for $50,000.He received $10,000 this year and signs a contract to receive four additional payments of $10,000 each plus interest.If Pierre had a basis in the land of $10,000 and incurred $2,500 in selling expenses,what is his gross profit percentage?
A) 10%.
B) 25%.
C) 75%.
D) 100%.
Correct Answer:
Verified
Correct Answer:
Verified
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