On July 1,2016,DJ sold equipment used in her business and reported the gain using the installment method.Her adjusted basis in the equipment was $150,000.The equipment was subject to $30,000 of depreciation recapture.DJ sold the property for $250,000,with $100,000 due on the date of the sale and $150,000 plus interest at the Federal rate)due on August 1,2017.What is the amount of gain recognized in 2016?

Question

Quizplus · Accepted Answer

The Answer of On July 1,2016,DJ sold equipment used in her business and reported the gain using the installment method.Her adjusted basis in the equipment was $150,000.The equipment was subject to $30,000 of depreciation recapture.DJ sold the property for $250,000,with $100,000 due on the date of the sale and $150,000 plus interest at the Federal rate)due on August 1,2017.What is the amount of gain recognized in 2016?

On July 1,2016,DJ Sold Equipment Used in Her Business and Reported