Business, 14.07.2020 01:01 jjtfeb11

Russell Corporation sold a parcel of land valued at $477,500. Its basis in the land was $360,512. For the land, Russell received $117,750 in cash in year 0 and a note providing that Russell will receive $192,000 in year 1 and $167,750 in year 2 from the buyer (plus reasonable interest on the note). (Do not round intermediate calculations. Round your answers to 2 decimal places.)a. What is Russell realized gain on transaction? b. what is Russel's recognized gain in year1, year2, year3.

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Russell Corporation sold a parcel of land valued at $477,500. Its basis in the land was $360,512. Fo...