Dan acquired rental property in June 2003 for $380,000 and sold it in October,2013.$30,000 in straight- line depreciation has been taken on the house.A run-up in housing prices in San Diego allowed him to sell the house for $570,000.In the year of sale,Dan received $170,000 when the buyer sold some investments,an additional $200,000 when the buyer closed a loan from the bank,and took a $200,000 note from the buyer,payable on the anniversary of the sale date in 10 installments of $20,000 each plus interest on the unpaid balance.
Using the installment method,calculate his taxable gain in the year of sale.

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The Answer of Dan acquired rental property in June 2003 for $380,000 and sold it in October,2013.$30,000 in straight- line depreciation has been taken on the house.A run-up in housing prices in San Diego allowed him to sell the house for $570,000.In the year of sale,Dan received $170,000 when the buyer sold some investments,an additional $200,000 when the buyer closed a loan from the bank,and took a $200,000 note from the buyer,payable on the anniversary of the sale date in 10 installments of $20,000 each plus interest on the unpaid balance.
Using the installment method,calculate his taxable gain in the year of sale.

Dan Acquired Rental Property in June 2003 for $380,000 and Sold