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Question - On January 2, 2020, Marvin Drake sold a capital asset for $145,000. The amount realized included cash of $15,000 and a 10-year, 5% promissory note of $130,000. On the date of sale, Marvin's adjusted basis was $100,000. In addition to the down payment, Marvin received the first annual note principle payment of $13,000 on December 30, 2020. In 2020 Marvin received the second annual note principle payment of $13,000. Assume Marvin uses the Installment Method to report gains and losses for tax purposes. Compute the amount of recognized gain Marvin must report on his tax return for 2020 and 2021. Show Supporting computations. Assumes an annual principle payment of $13,000.
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