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Case Development began operations in December 2024. When property is sold on an installment basis,...

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Accounting

Case Development began operations in December 2024. When property is sold on an installment basis, Case recognizes installment income for financial reporting purposes in the year of the sale. For tax purposes, installment income is reported by the installment method. 2024 installment income was $600,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 2025-2027 are as follows:
\table[[2025,$140,000,20%
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