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Use the following information to complete Form 6252. John Wong purchases an...

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Accounting

Use the following information to complete Form 6252.
John Wong purchases an apartment complex on January 15,2017, for $200,000. He allocates $25,000 to the cost of land and deducts MACRS depreciation totaling $35,818.00.
John sells the apartment on January 14,2022, for $260,000. The buyer assumes the existing mortgage of $180,000 and pays $20,000 down. The buyer agrees to pay $30,000 per year for two years plus 10% interest.
John incurs selling expenses of $16,000.
His social security number is 252-63-3669
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