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yulyashka [42]
3 years ago
14

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?
a. $0, $50,000.
b. $10,000, $40,000.
c.$25,000, $25,000.
d. $50,000, $0.
e. None of the choices are correct.
Business
1 answer:
Reptile [31]3 years ago
3 0

Answer:

Correct option is C.

<u>$25,000, $25,000.</u>

Explanation:

Gross profit on sale = (300,000-250,000)/300,000 = 16.67%

Gain recognized in:

Year 1 = 150,000 * 16.67% = 25,000

Year 2 = 150,000 * 16.67% = 25,000

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