Internet Problem: Researching IRS Publication 537
Response to the following problem:
During 2014, Leo, a cash basis taxpayer, sold land at a gain to an unrelated party. Leo received part of the proceeds in 2014 and will receive the rest of the proceeds in 2015 and 2016. Leo is fairly sure he would like to elect out of the installment sales method and has asked for advice on how to accomplish this. He also wants to know if he elects out of the installment method whether he can later change his mind and use the installment method to report the gain on the sale.
Go to the IRS website. Locate IRS Publication 537. Prepare a brief discussion of the answer to Leo's questions.