Travis sold investment land for $400,000 in June of 2022 in an installment sale. His...
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Accounting
Travis sold investment land for $400,000 in June of 2022 in an installment sale. His basis in the land was $100,000. The purchaser paid Travis $50,000 cash at closing and gave him a 5-year, interest-bearing note for the $350,000 remaining contract price. Under the terms of the sale, the purchaser will make a $30,000 principal payment on the note in December 2022. Travis recognized gain in 2022 will be:
Group of answer choices
None of these choices are correct.
$60,000
$37,500
$300,000
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