Which of the following is an accurate statement regarding a repossession of qualified real property? The...
Which of the following is an accurate statement regarding a repossession of qualified real property?
The seller may elect to exclude payments received on the property from income.
The property is treated as though it had been sold, but was never repossessed.
The seller may always exclude payments received on the property from income in the year of the repossession.
The property is treated as though it had not been sold in the first place
Homework Answers
Answer is option a. Seller may elect to exclude payment received.
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