Problem 1: Before completing form 6252 and 4797 for an installment sale of real property, the tax professional would manually
A. Determine the gain on the sale for each year of the installment sale
B. Determine the return of capital and installment of gain on the sale
C. Determine the interest to be paid for each year of the installment sale
D. Allocate the expenses of sale, principal in year of sale and assumed mortgage between the building and the land
Problem 2: Which of the following taxpayers would be likely to benefit from an installment sale. A taxpayer who sold
A. Investment use land, sold for gain
B. A business use car sold at net gain which was less than the amount of depreciation claimed
C. Rental property sold at a gain less than the amount of depreciation allowed
D. A fishing boat sold at a net loss