Pat sells real estate for 30000 cash and 120000 5-year note, Financial Management

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Pat sells real estate for 30000 cash and 120000 5-year note

Pat sells real estate for $30,000 cash and $120,000 5-year note. If her basis in the property is $90,000 and she receives only the $30,000 down payment in the year of the sale, how much is Pat's taxable gain in the year of sale using the instalment sales method?

A. $60,000

B. $30,000

C. $15,000

D. $12,000

E. $0

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Financial Management: Pat sells real estate for 30000 cash and 120000 5-year note

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