Solved: In october 2016 after charles had paid 60000 on the, Taxation

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In october 2016 after charles had paid 60000 on the

On December 30, 2014, Maud sold land to her son, Charles, for $50,000 cash and a 7% installment note for $350,000, payable over 10 years.Maud's cost of the land was $150,000. In October 2016, after Charles had paid $60,000 on the principal of the note, he received an offer to sell the land for $500,000 cash. How can Charles minimize the present value of the tax liability for Maud and him?

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Taxation: In october 2016 after charles had paid 60000 on the

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