In February 2011,Taylor sold real estate (adjusted basis of $200,000)for $600,000.Under the terms of the sale,the purchaser issued two notes of $300,000 each,payable annually.In January 2012 and when the notes are worth $560,000,Taylor gives the notes to her son.What,if any,are Taylor's tax consequences?

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The Answer of In February 2011,Taylor sold real estate (adjusted basis of $200,000)for $600,000.Under the terms of the sale,the purchaser issued two notes of $300,000 each,payable annually.In January 2012 and when the notes are worth $560,000,Taylor gives the notes to her son.What,if any,are Taylor's tax consequences?

In February 2011,Taylor Sold Real Estate (Adjusted Basis of $200,000)for