In the current year, Owens sold land with a basis of $80,000 to Yancey for...
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Accounting
In the current year, Owens sold land with a basis of $80,000 to Yancey for $100,000. Yancey paid $25,000 down and agreed to pay $15,000 per year, plus interest, for the next five years, beginning in the second year. Under the installment method, what gain should Owens include in gross income for the year of sale?
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