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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Mr.Z, a nondealer, sold assets on an installment plan.Determine

Customer Question

Mr.Z, a nondealer, sold assets on an installment plan.Determine Mr.Z’s gross income for2008. Relevant data include:
Year Installment sales Gross profit 2008 Collections

2006……………… $200,000 $ 50,000 $25,000

2007………………. 300,000 81,000 80,000

2008……………. 400,000 96,000 125,000
Submitted: 7 years ago.
Category: Tax
Expert:  RD replied 7 years ago.
Can you provide the information in a tabular form?