Business, 17.07.2019 18:30 cairolove228

Four years ago, mr. b sold his personal property on contract for $200,000, which resulted in a capital gain of $100,000. mr. b properly elected to use the installment method of reporting and through last year had collected $40,000 on the contract. at the start of this year, the buyer defaulted on the contract, and mr. b repossessed the property. at the time of repossession, the property had a fair market value of $160,000. what is the gain or loss to be reported on the repossession?

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