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On September 30, Silver Corporation, a calendar year taxpayer, sold a parcel of land (basis...

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Accounting

On September 30, Silver Corporation, a calendar year taxpayer, sold a parcel of land (basis of $400,000) for a $1,000,000 note. The note is payable in five installments, with the first payment due next year. Because Silver did not elect out of the installment method, none of the $600,000 gain is taxed this year.

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