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Mason canceled a note issued by Emma (Mason's niece) that arose in connection with the...

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Accounting

Mason canceled a note issued by Emma (Mason's niece) that arose in connection with the sale of property. At the time of the cancellation, the note had a basis to Mason of $287,200, a face amount of $516,960, and a fair market value of $387,720.

Presuming that the initial sale by Mason qualified as an installment sale, the cancellation results in gain of $____________ to Mason.

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