Computing Installment Method Taxable Income
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Mr. Zimmerman sold assets on an installment plan. Please determine Mr. Zimmerman's gross income for 2010 based upon the following information:
Year Installment Sales Gross Profit 2010 Collections
2008 $200,000 $50,000 $25,000
2009 $300,000 $81,000 $80,000
2010 $400,000 $96,000 $125,000
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Solution Summary
This solution illustrates how to compute taxable income using the installment method.
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Year Install Sales Gross Profit 2010 Collections Gross Profit % Taxable Income
2008 $200,000 $50,000 $25,000 ...
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