Solved: Laurel receives 25000 in year 0 she receives 50000 in year, Accounting Basics

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Laurel receives 25000 in year 0 she receives 50000 in year

Question - Laurel sold property in Dallas Texas to an unrelated party. The property had a basis of $75,000 and a selling price of $150,000. Laurel receives $25,000 in year 0. She receives $50,000 in year 1. She receives $75,000 in year 2. What is Laurel's year 0 taxable income on the sale?

A. $12,500

B. $25,000

C. $37,500

D. $75,000

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Accounting Basics: Laurel receives 25000 in year 0 she receives 50000 in year

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