1) On July 25 of this year, Taylor sold land with a cost of
$15,000 for $40,000. Taylor collected $20,000 this year and is
scheduled to receive $5,000 each year for four years starting next
year plus an acceptable rate of interest. Taylor's gain recognized
this year is
$7,500.
$12,500.
$20,000.
$25,000.
2) Tom and Kristi are married and file a joint return for 2019
with taxable income of $100,000 and tax preferences and adjustments
of $65,000 for AMT purposes....