In 2022, Skylar sold equipment for $205,200 cash and a $2,052,000 note due in two years. Skylar’s cost of the property was $1,641,600, and he had deducted depreciation of $984,960.
If required, round any division to two decimal places and your final answers to the nearest dollar.
a. Under the installment sales method, what is Skylar’s total realized gain?
$fill in the blank 1
b. In the year of sale, how much § 1245 gain does Skylar recognize?
$fill in the blank 2
How much gain can be deferred under the installment sale method?
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