Simon sold investment property 2 years ago for $750. simon's basis in the property was $200. simon is receiving $150 per year from the buyer. simon reports this income on the installment method. if simon collects $150 in principal during the current year, how much gain should he report from the sale for the year

The gain that he should report from the sale for the year is $110.

Explanation:

Simons investment on Property = $200

Simon sold the property = $750

Simons receiving per year $ 150

total period = 750/150

                    = 5 years.

Total gain = 750 – 200 = 550

current year gain = 550/5

                             = $110

Therefore, The gain that he should report from the sale for the year is $110.

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