Ladonna sold real property in 2020 for 90000 using an installment agreement and taking a...
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Ladonna sold real property in 2020 for 90000 using an installment agreement and taking a lien on the property. His adjusted basis at the time of sale was 70000. the buyer made 5000 down payment and signed a mortgage secured by the property fir the balance. Using the installment method Ladonna reported a gain of 1111 in his 2020 return. The buyer then failed to make to make any of the required payments and Ladonna repossessed the property in March of 2021. The cost of repossession was 500. which is Ladonna recognized gain on the repossession? a. 0 b. 3389 c. 18389 d. 18889
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