Ramon sold land in 2016 with a cost of $80,000 for $200,000.The sales agreement called for a $50,000 down payment and a $50,000 payment plus 8% interest to be received on the first day of each year for the next three years.What would be the consequences of the following (treat each part independently and assume Ramon uses the installment method whenever possible):
a.In 2016,Ramon gave one of the $50,000 installment obligations to a close relative.
b.In 2016,Ramon transferred the installment obligations ($50,000)to his 100% owned corporation.
c.Ramon collected the $50,000 plus $12,000 interest on January 1,2017,and died on January 2,2017.

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The Answer of Ramon sold land in 2016 with a cost of $80,000 for $200,000.The sales agreement called for a $50,000 down payment and a $50,000 payment plus 8% interest to be received on the first day of each year for the next three years.What would be the consequences of the following (treat each part independently and assume Ramon uses the installment method whenever possible):
a.In 2016,Ramon gave one of the $50,000 installment obligations to a close relative.
b.In 2016,Ramon transferred the installment obligations ($50,000)to his 100% owned corporation.
c.Ramon collected the $50,000 plus $12,000 interest on January 1,2017,and died on January 2,2017.

Ramon Sold Land in 2016 with a Cost of $80,000