In February 2007,Michelle sold real estate (adjusted basis of $300,000)for $800,000.Under the terms of the sale,the purchaser issued two notes of $400,000 each,payable annually.In January 2008 and when the notes are worth $760,000,Michelle gives the notes to her son.What,if any,are Michelle's tax consequences?

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The Answer of In February 2007,Michelle sold real estate (adjusted basis of $300,000)for $800,000.Under the terms of the sale,the purchaser issued two notes of $400,000 each,payable annually.In January 2008 and when the notes are worth $760,000,Michelle gives the notes to her son.What,if any,are Michelle's tax consequences?

In February 2007,Michelle Sold Real Estate (Adjusted Basis of $300,000)for