Answered

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Will's Whitewater Rafting sold 3 acres of land used in the business. The sales price was $6,000 and the adjusted basis of the land was $4,200. Will receives a down payment of $4,000 at the time of sale and the remaining $2,000 early next year. The realized gain on the sale is $ ________. Will's recognized gain for the current year is $________ and the gain recognized next year will be $_______.

Sagot :

handsome061610

Answer: These are all the answers

Explanation: A is 1,800

B 1,200 ($1,800/$1,600= 30%; $4,000 x .30= 1,200);

C 600 (30% x $2,000= $600)

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