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conti corporation sold a building valued at 450,000. its basis in the building was 350,000. for...

conti corporation sold a building valued at 450,000. its basis in the building was 350,000. for the building conti received 225,000 in cash in the current year and a note providing conti with 225,000 in the subsequent year. what is conti's recognized gain in the current and subsequent year, respectively?
A. 50,000 , 50,000
B. none of these
C. 50,000 , 0
D. 25,000 25000
E. 10,000 , 40,000
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Answer #1

[Building) purchale $ 350000 sold $ 450000 In this sale 225000 recieved cash in corrent year and the balance 225000 provided

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