Peroni Corporation sold a parcel of land valued at $300,000. Its basis in the land...
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Accounting
Peroni Corporation sold a parcel of land valued at $300,000. Its basis in the land was $250,000. For the land, Peroni received $150,000 in cash in the current year and a note providing Peroni with $150,000 in the subsequent year. What is Peroni's recognized gain in the current and subsequent year, respectively? Group of answer choices
$0, $50,000
$10,000, $40,000
$25,000, $25,000
$50,000, $0
None of the choices are correct.
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